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Cryptocurrency
by Seth Parker on July 11, 2018

Peercoin Analysis – Fresh sell signal

Previous two analysis on Wednesday were bullish, now time to change the tone, which means that I am about to show You a contrary trade, so a bearish one. One thing remains the same though: I will analyse an altcoin which will be here for the first time – Peercoin.

Situation here is also very technical. The main drop started with a huge head and shoulders pattern (grey). The breakout of the neckline (black) sorted out everything and since that, the price is constantly going down. In the meantime, PPC created three continuation patterns. First one was a pennant (blue), second one was a wedge (orange) and now, we do have a flag (red). All of them, resulted with a breakout of its lower lines (as every textbook says).

Peercoin Chart

Last pattern had a breakout yesterday, so the sell signal is fresh. As long as we stay below the yellow resistance, the sentiment is negative and chances for a further decline are much higher.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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