Peercoin falls down to 2.04 as the bears take over, in line with the technical I spoke about last time. Price seems to have stalled at this point for now, we may see some ranging over the weekend.
I posted the chart below in my previous analysis (click to expand):
Where I mentioned that I was,
“Very confident that in the short term. price is going to touch 38.2% again (at 2.5), before bouncing back up some pips. For the long term however, we could see the bears take control once again.”
So the bears definitely took control across many crypto coins, aided by The People’s Bank of China’s (PBOC) fresh resolve to prevent future interactions and dealings with Bitcoin exchanges. Price smashed through 50%, falling down to 61.8% at 2.041, as can be seen below:
It’s clear to me that price is going to continue to range between 50% and 61.8% for the short term at least, since we have some conflicting technicals, such as the Awesome Oscillator and (especially) the Accelerator Oscillator still red, despite the fact that the Stochastic Oscillator’s K period has crossed above the D period, exiting an oversold territory, with soft northern trajectory.
I’d expect price to hit 50% at 2.275 again later tonight.
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