PPC Price drop in the last 12 hours

Hey PCCers,

I was wondering if anyone knows why folks have been dumping PPC in the last few hours. (I am only checking BTC-E, maybe its other exchanges too?)

Not concerned at all, very happy about the buy opportunity more than anything. I just think its interesting to discuss why. The answer is usually someone getting out, but if there was bigger news it would be nice to know about.

I totally agree PPC is doing amazing.

My take on it is that price spiked two times, creating major all time highs. Only after the second spike did the price start to consolidate. But it did so on a pretty high level above the average price over time.

Now if history is our guide, then if BTCUSD keeps on dropping below $500 we could see an even greater sell off in PPCUSD and PPC bears could be selling in anticipation of this. On the backdrop of MtGox having died and new “good news” on the Horizon PPCBTC might be a good short if one anticipates a very strong bounce from the major support at $500. In other terms, if BTCUSD goes lower or BTCUSD goes higher, there is in both scenarios a good argument as to why sell PPC.

Well, at least there is a good argument to not buy PPC and looking at the charts that is exactly what we got. Almost no buyers at all. There is supply in the market for sure, the orderbooks tells us that much. But there is no buyers and only very little transaction volume to price have started to drift lower. On its way down it have now actually broken a longterm support and what always happen then, is a major panic sell-off. This is accompanied by huge volumes and usually a small retracement is to be expected. Traders and will fade that spike and weak hands will take the opportunity to offload some coins and hope to buy even lower.

Price could be expected to go down even further, until it hits trend line support and perhaps even overshoot because of the lack of liquidity in this thin market. All of this could happen, without PPCBTC actually turning into a technically bearish trend and therefor it most likely also will. Hedge funds and professionals and many other people are watching the magic number 0.005 BTCUSD and the odds are that we will get some more transactions at that price.

After that we will see what happens. Please know, I don’t have a crystal ball. This is me guessing. Nothing more nothing less. Personally I think this could be a good opportunity to buy for a longer term and a shorter term speculator.

If price climbs rapidly from these levels, it could be a good idea to sell. If price consolidates and slowly climbs a wall of worry, then we could see some spectacular breakouts later on. However, the end of this consolidation is pretty much long over due and therefor something “needed to happen” (the time it take for the market to digest price spikes, can actually be projected much better then what one would expect) and the market decided to sell some PPC to some other dudes and girls and bots in the market.

Looks like LTC is getting hit as well, though not as hard.

Thanks for sharing your analysis pillow, much appreciated.

I noticed that for about 15 minutes just now, someone turned on a buy 50 PPC every few seconds bot. It’s off again now, but I suspect it will turn back on once some more sell orders go up. Am I off-base to think that someone privy to “something needed to happen” analysis would risk a huge dump (looks like around 40,000 this morning (PST)) So they could manipulate the market down and then slowly buy back up betting that sell pressure would keep up?

EDIT: Well the bot never turned back on, just more dumping :stuck_out_tongue:

peercoin is a longterm proposal. while most the alts will dilute themselves over each other a few stand out in each class.

Peercoin, is one of those going to long term store of value. It still has no competition in this is space, nor any community or devs comparable to it.

well ltc is dropping as well & other crytos too…

time to buy & hold for long term…

[quote=“onthefrynge, post:5, topic:1731”]Thanks for sharing your analysis pillow, much appreciated.

I noticed that for about 15 minutes just now, someone turned on a buy 50 PPC every few seconds bot. It’s off again now, but I suspect it will turn back on once some more sell orders go up. Am I off-base to think that someone privy to “something needed to happen” analysis would risk a huge dump (looks like around 40,000 this morning (PST)) So they could manipulate the market down and then slowly buy back up betting that sell pressure would keep up?

EDIT: Well the bot never turned back on, just more dumping :p[/quote]

Just woke up. I’ll be brief. I see that price went down to 0.0051 so there’s no surprise there. As I predicted there would be volumes coming in there, but I can see that it’s not alot which tells me that I shouldn’t be to surprised if price overshot 0.005 and goes down even further. But who knows… We will have to see. A buy at 0.0051 was a good buy for shorter term speculator so my analysis was correct there. About the degradation and longtime consolidation; I think it wasn’t someone manipulating price. I believe it could have been just people in general. In my experience, everyone contributes to devaluation but only a few buy in low.

Disclaimer: everything in this post is just my opinion and acting on it is at your own risk.

It appears Litecoin, Peercoin, Dogecoin and Quarkcoin (top 12) are in heavy weather. Safe heavens are Namecoin, NXT and Bitcoin. We also have outsider Auroracoin threatening to pass Litecoin in marketcap and attracting a lot of capital at the expense of other coins (edit: this just happened).

To me it looks like some people are manipulating and are taking position for their next move, whatever that may be. They counted on small fish panicking as there are not many buyers to get all the mined coins after the Mt. Gox scare so it is relatively easy to move the markets.

When there is something serious happening with all cryptos you will see panic across the board and everyone runs into fiat, and that is typically not happening at least for now. As soon as you see Namecoin and Bitcoin diving similar to other coins it is time to panic a bit and show how weak your knees are.

Long-term investors won’t panic until we are getting back close to October 2013 levels (PPC <$1), so we still have some way to go.

Edit: I should probably add that I’m still holding, but not buying either.