PPC/USD Technical Analysis – 25th March 2014

Analysis provided by Ashton Fraser, learn more about his trading strategies with the forex reversal indicator. Peercoin finally breaks free

Analysis provided by Ashton Fraser, learn more about his trading strategies with the forex reversal indicator.

Peercoin finally breaks free from the 23.6% shackles imposed upon it, as predicted yesterday, at least for the time being, as very recent technicals give indication to further gravitation around 2.68.

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Let’s take a closer look at the PPC/USD chart on H4 (click below to expand):

ppcusdh4_25_03_2014

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I’ve performed the Fibonacci study from the high of last week at 2.930, until the low of 2014 at just above 2.6, just as yesterday.

I mentioned in yesterday’s analysis on Peercoin that, “I doubt it will be long before a closure above 23.6% finally occurs… with a possible rise to the 38.2% Fib level later this week.

The funny thing is, after I had finished that technical analysis, within the very next candle, Peercoin rose swiftly, breaking 23.6% with ease. Indeed, not only did Peercoin manage to break 23.6%, it actually retraced till the 38.2% Fib level at 2.73.

Since then, price has been hugging the 38.2% line, but given the fact that the Accelerator Oscillator and Awesome Oscillator are now red, along with the Stochastics crossing down, we could see a return to 23.6% within the next few candles.

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