OpenBlock

Peercoin - Calm Before The Storm

Long
POLONIEX:PPCUSD   None
In June Peercoin tested all-time high while reaching $3.5 price tag. Since then it has been correcting down and lost to USD around 70%. Peercoin found the support at $1 psychological round number and to be precise, at $1.12. 

The $1.12 is a 127.2% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout. After the rejection of the support PPC/USD begun to produce higher highs and higher lows while at the same time breaking above the 200 Moving Average and the downtrend trendline.

These are the signals of the potential trend reversal where Peercoin could be going for a new all-time high in the very near future. There are two key psychological resistance levels that must be watched. First is $4, which is very near the 127.2% Fibonacci retracement applied to June high and September low. The second is $6 area, while the key resistance is just above that at $6.5, where 227.2% Fibonacci level is.

Keep in mind that trend is very likely to reverse and Peercoin should start gaining against USD, however, a break and the daily close below $1 will invalidate this outlook.
Comment: has it started? it certainly looks that way
Comment: The first Target reached!
Comment: Need to see how will act on resistance and then will update
Comment: At this point it looks like uptrend will continue
Trade closed: target reached
Comment: Waiting for breakout, so far resistance is being rejected, thank you all for your likes :)
Comment: Peercoin breaking above the key resistance, likely to continue moving higher

Comments

ppc can be like litecoin in 1 year?
+1 Reply
Well spot on for PPC! Thoughts after this?
+1 Reply
OpenBlock peopletalkco
@peopletalkco, watch the resistance, if broken, more up...
Reply
peopletalkco OpenBlock
@OpenBlock, Thanks appreciate it. Will lookout for your reports. Keep up the awesome work!
Reply
I think your price target is low.
+1 Reply
OpenBlock nicklikestuna
@nicklikestuna, I do price target for a the short term
+1 Reply
@OpenBlock, what happen after 6.5?? Any major resistance?
Reply
OpenBlock JoaoDomingues00
@JoaoDomingues00, YES the resistance there is strong, if you prefer to hold it long term, I'd actually wait for a breakout and then on a correction down would go long again around 6.5
Reply
What is next now ?
+1 Reply
Good!
+1 Reply
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