So Peercoin continued to rise from yesterday, defying the bears from the past fortnight.
Let’s take a closer look at the latest PPC/USD Daily chart below (click to expand):
I’ve performed the Fibonacci study from the low at 1.536 on the 13th of this month, until the latest high at 3.245 on the 16th.
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It’s clear that the 78.6% Fibonacci level at 1.9 is holding it’s own. Yesterday I explained, “eventually we saw price retreat down to the 78.6% Fibonacci retracement level, i.e. the last major Fib retrace level – and it’s only now where we’ve seen some support manage to take hold (marked in blue). The good news is that the Accelerator Oscillator has turned green… I’ve often found in trading, even if it seems like nothing can stop a trend in it’s tracks – it’s the 78.6% Fib that upsets the party. This could exactly be the case here.”
We can see how price has risen back to the 61.8% Fib level at 2.2, which has now become a point of resistance, due to this, and another reason, specifically another Fib level – 23.6%, if we perform a shorter term bearish Fib study, as below:
Price tested 23.6% at 2.2 (marked in red), and it might not be the last testing of this particular level this week, although the confluence of Fibs (61.8% on first chart, 23.6% on second chart), may provide enough resistance for price to stall for a few hours. At the very least, I expect the week’s low of 1.9 to hold ground for the rest of the week.