Hello Steemers!
As I was browsing through Poloniex offers today, Peercoin grabbed my attention.
One very old crypto that has been in constant down trend with some interesting waves along the way.
To find out more about Peercoin, visit their website or their BCT thread:
Website - https://peercoin.net/
BCT thread - https://bitcointalk.org/index.php?topic=101820.0
Starting off with clean charts as usual.
1 month chart Poloniex -clean - Dec. 15, 2016
On the monthly chart we can see that the price was very volatile in the first 2 months of trading, marking both, an all time high at 0.00625 and an all time low at 0.000301 in the first month, in April 2014.
1 week chart Poloniex -clean - Dec. 15, 2016
The weekly chart makes the waves of trading more clear, with the 1st pump in September 2014, when the price made a local low of 0.00126 and pumped to 0.0046 BTC.
The 2nd pump happened throughout from May to July 2015. when the price reached the new local low of 0.00091 BTC and topped at 0.00395.
1 day chart Poloniex -clean - Dec. 15, 2016
After reaching the top of the pump in July 2015, the price started going down once more, finding some support on the local low made in May 2015. It then started a mild uptrend wave which had its top around the local low made in September 2014.
After that it went down gradually and made a new all time low just slightly bellow the one made in April 2014, at 0.00026030.
Added some lines on the weekly chart to see some accumulation zones.
1 month chart Poloniex -lines - Dec. 15, 2016
1 week chart Poloniex -lines - Dec. 15, 2016
After adding some lines to the chart I look at finding some accumulation zones, for a clearer view I will pull up a fib.
1 day chart Poloniex -lines - Dec. 15, 2016
Coming to the Fibonacci at the end, pulled up one for the bigger time frame and one on the daily chart
1 month chart Poloniex -fib - Dec. 15, 2016
1 week chart Poloniex -fib - Dec. 15, 2016
Looking at the weekly chart with the fib on, it looks like the major accumulation area has it's top at around 0.0017 BTC, with one above topping at around 0.0025 BTC (where the highest candle of the July 2015, pump closed).
It looks like there are some bellow, for that I will use the daily chart and pull a fib just on the last pump.
1 day chart Poloniex -fib - Dec. 15, 2016
The daily chart with the fib on the last pump reveals some lower accumulation levels, looking like the main one is the up to around 0.00091 BTC.
Above it comes the 2nd accumulation zone with a ceiling of around 0.00126, but still having room up to the fib level, ~0.00142.
The final 2 accumulation zone on the daily seems to the the one between 0.00142 and the top of the big timef rame main accumulation zone, 0.0017.
What to expect next?
For the daily, shorter term view, I personally see the following possibilities here:
1st (green) - the price suddenly picks up hard in volume and volatility and starts progressing his way sharply upwards.
2nd (yellow) - the price starts turning a slow uptrend doing accumulation along the way as it passes the accumulation zones.
3rd (red) - The price dips into new uncharted territories of new all time lows
The possibilities on the larger time frame that I spotted are:
1st (green) - the price rapidly starts jumping in order to try and shoot for a new all time high.
2nd (yellow) - the price gradually fights throughout the major accumulation level finally breaking it and going higher
3rd (red) - the price refuses to change the trend and keeps the downtrend and keeps making new all time lows.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
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DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Everyone who uses TA develops his own unique charting style, please keep that in mind.
Kind Regards, OZ :)