This is an updated version of this thread: Wall Observer - The PPC Price Speculation Thread
Hopefully this will in part give some market insight, but also provide a place for focused discussion for those who wish to participate. This is in no way financial advice. As one of my favorite technical indicator creators once said:
“It’s [the market] like driving on a curving mountain road in a fog bank with your cruise control locked — and you’ve desperately got to clean your eyeglasses.”
With that in mind, I hope to update this thread every few days, and will provide information about what I see and believe is relevant.
I will use Bittrex charts as that is what I use for buying Peercoin. I will try to keep the technical terms to a minimum, but please feel free to ask any questions.
Based on the 50 EMA, it seems most likely that we will see small movements up, followed by sideways movement for the next bit of time. The EMAs on a higher timeframe provide stronger resistance than lower timeframe ones, although these can always be disrupted. Like previously mentioned, the 12hr EMAs are very close together, indicating that we are most likely near a turning point.
The weekly chart has been in a decline since 2017, with several up and down cycles in-between. Currently, price has reached near equilibrium with the 50 EMA (white) and was recently tested in November. Both the TK lines are sitting on top of each other, indicating a slowing of a downtrend and value range. It appears this will be followed by a bullish cross upwards. The ichimoku future cloud also has gotten noticeably skinnier, indicating less resistance above.
Something to note from my personal experience with 3EMA. When a crossing of the EMAs upwards occurs, a price movement down usually coincides with this event, and vice versa. Just something to keep in mind.