Conclusion for today’s Peercoin (PPCBTC) analysis:
A close above ~~0.00011711 implies resumption of bullish momentum in Peercoin.
Peercoin analysis for today is carried out on a 6 hour timeframe chart using a log scale. Historical data going as far back as November 2018 till current date is shown on the chart with the major downward trend.
Two major trendlines are plotted on the chart. Bearish trendline from November 2018 closest to price action and the bearish trendline since May 2018. The latter trendline is close to a major resistance zone in Peercoin that is expected to present a challenge to any bullish swing that develops.
Price low achieved on July 16, 2019 was followed by a bullish swing upwards after which Peercoin has traded in a sideways (ranging) environment. Only a bullish scenario is considered in this case and will be further discussed below.
A break above the bearish trendline since November of 2018 increases the chance of the current bullish swing making progress, while a close below ~0.00002646 implies the resumption of the existing bearish trend.
Strategies for going long include buying as soon as price retraces to ~0.00003201 or buying as soon as price breaks above ~0.00005271. Minimum profit target for either scenario is the lower boundary of resistance at ~0.00011711.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.