We can see that $PPT is in world of pain today and the threat of confirming a weekly downtrend is getting higher and higher as each hour passes. If $PPT closes a weekly candle below the last weekly low at $1.3824, then the weekly downtrend will be confirmed. This is bearish for long term price action.
Reviewing price action from recent days, we can see that just three days ago (9/20/2021) the bullz lost support at the 0.382 Fibonacci. Then price action pierced straight down through the 0.5 Fibonacci and continued to plummet down to the 0.618 Fibonacci where we are currently seeing a little relief bounce.
Further complicating issues and adding to the bearish scenario, we can see that a daily Death Cross was confirmed on 9/17/2021. Since then, price has plummeted a staggering 67% with more downside over time looking likely.
Currently, we can see that the BBW, an indicator I use to help gauge volatility in the markets, is maxed out on the lower time frames. This suggests that $PPT will see some sideways price action from here. After some candles pass, we will have a better understanding of whether this sideways consolidation is looking like accumulation or distribution.
Studying the BBW on the 12H, we can see that a 93% or higher reading typically marks the end of an impulse. Then, after the impulse we see sideways consolidation. Seeing as how the BBW is reaching 93%+ on the 12H and is maxed out on many lower time frames, I suspect the last bearish impulse is losing strength and we will likely see some sideways consolidation before another move.
$PPT is the 1st crypto I've seen that is about to confirm a weekly downtrend. Hopefully this is not a harbinger of doom for the greater market! :)
Reviewing price action from recent days, we can see that just three days ago (9/20/2021) the bullz lost support at the 0.382 Fibonacci. Then price action pierced straight down through the 0.5 Fibonacci and continued to plummet down to the 0.618 Fibonacci where we are currently seeing a little relief bounce.
Further complicating issues and adding to the bearish scenario, we can see that a daily Death Cross was confirmed on 9/17/2021. Since then, price has plummeted a staggering 67% with more downside over time looking likely.
Currently, we can see that the BBW, an indicator I use to help gauge volatility in the markets, is maxed out on the lower time frames. This suggests that $PPT will see some sideways price action from here. After some candles pass, we will have a better understanding of whether this sideways consolidation is looking like accumulation or distribution.
Studying the BBW on the 12H, we can see that a 93% or higher reading typically marks the end of an impulse. Then, after the impulse we see sideways consolidation. Seeing as how the BBW is reaching 93%+ on the 12H and is maxed out on many lower time frames, I suspect the last bearish impulse is losing strength and we will likely see some sideways consolidation before another move.
$PPT is the 1st crypto I've seen that is about to confirm a weekly downtrend. Hopefully this is not a harbinger of doom for the greater market! :)
Comment:
$PPT consolidated as perderpted and formed a bearish descending triangle on the lower times, which was the catalyst for more downside. Let's get this crypto!
