PPC/BTC Technical Analysis – 14th March 2014 – Digital Currency …

ByAshton Fraser accelerator, ashton-fraser, fibonacci, fraser, major, remember, tagsbtc-ecrypto, technical, technical-analysis, trading Comments Off

PPC/BTC Technical Analysis – 14th March 2014

By Ashton Fraser on March 14, 2014 in Trading

For today’s PPC/BTC technical analysis, I’ve performed my Fibonacci study based on the M30 chart, from the last major swing low of the past year at 0.00496, until this week’s high from yesterday, at 0.00537. (Click on chart below to expand):

Zooming into the chart, we can see the two candles circled in red.

Both of those candles were bear candles, and both of them closed above the upper Bollinger band. This is a very rare occurrence indeed, and a very powerful potential reversal signal. And it’s important to look for other corroborating technicals.

That corroboration came within the following few bars, marked in the red ellipse. We can see how the Accelerator Oscillator turned red, as did the Awesome Oscillator, and we had a smooth Stochastics crossing down, in an undersold position.

Price then fell down until the 61.8% Fib retracement level, circled in blue, where it’s currently residing.

Remember, we have a massive support level at around 0.00500, due to at least three reasons, as discussed in yesterday’s analysis, and if price down fall down further, then definitely expect another bounce off that zone.

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