Peercoin has tested a key support zone four times in four days, with the latest test in fruition. Can the support at 2.03 hold this week?
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 of this year on the 11th of last month at 1.280, until the high of last month on the 16th, at 3.245. This was an upsurge of great magnitude, which saw virtually unprecedented gains on Peercoin in such a small time window.
But every rise has a fall, and in this case, the market gave us a clear indication as to what was going to happen following the two candles marked in a red circle. We can see how both of them possessed relatively long upper wicks, whist having significant lower bodies, and minimal no lower wicks. This, in conjunction with the fact that both these candlesticks opened and closed above the upper Bollinger bands really does send out a bear message, and a strong warning to bullish investors.
What happened next was exactly what I would have expected, i.e. a strong downtrend. Note how the indicators didn't fall into place a few days after the above reversal pattern, once again proving the powerful nature of candlestick patterns, allowing the savvy trader to anticipate before the event. I'm not saying this is alone to start selling, but at the very least, if I was long and this pattern occurred, I'd seriously consider exiting my position, or at the very least close out some profits, and possibly apply a tighter stop or trailing stop.
Right now, price is located at the 61.8% Fibonacci retracement level at 2.03, marked in blue, we can see that since the 2nd of this month, 61.8% has been tested every day. Will price break below here? Well, looking at the indicators doesn't provide us with a concrete answer quite frankly, for example the Stochastics are in oversold territory, whilst heading north, whereas the two Bill Williams' indicators of Accelerator and Awesome are showing red, so I'm not leaning to a specific direction at the moment.
Peercoin has tested a key support zone four times in four days, with the latest test in fruition. Can the support at 2.03 hold this week?
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 of this year on the 11th of last month at 1.280, until the high of last month on the 16th, at 3.245. This was an upsurge of great magnitude, which saw virtually unprecedented gains on Peercoin in such a small time window.
But every rise has a fall, and in this case, the market gave us a clear indication as to what was going to happen following the two candles marked in a red circle. We can see how both of them possessed relatively long upper wicks, whist having significant lower bodies, and minimal no lower wicks. This, in conjunction with the fact that both these candlesticks opened and closed above the upper Bollinger bands really does send out a bear message, and a strong warning to bullish investors.
What happened next was exactly what I would have expected, i.e. a strong downtrend. Note how the indicators didn't fall into place a few days after the above reversal pattern, once again proving the powerful nature of candlestick patterns, allowing the savvy trader to anticipate before the event. I'm not saying this is alone to start selling, but at the very least, if I was long and this pattern occurred, I'd seriously consider exiting my position, or at the very least close out some profits, and possibly apply a tighter stop or trailing stop.
Right now, price is located at the 61.8% Fibonacci retracement level at 2.03, marked in blue, we can see that since the 2nd of this month, 61.8% has been tested every day. Will price break below here? Well, looking at the indicators doesn't provide us with a concrete answer quite frankly, for example the Stochastics are in oversold territory, whilst heading north, whereas the two Bill Williams' indicators of Accelerator and Awesome are showing red, so I'm not leaning to a specific direction at the moment.
HashKey Capital Secures Dual Licenses for Retail Crypto Services in Hong Kong
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa