Peercoin phase transition
Updated
PPCUSD has broken out of longterm consolidation. BTCUSD is in a bull trend and fresh money has been entering the AltCoin space and some of this money is finding its way into peercoin. PPCBTC has signaled a trend reversal form bear to bull and is now working its way through longterm resistance. The real resistance is however much higher. Fundamentally speaking Peercoin plays a role as both a leveraged bet on hot money and a hedge against the potential failure of Bitcoin Proof-of-Work as the oldest Proof-of-Stake (If PoW doesn't work, Proof-of-Stake is arguable the only other option I know of). There is also new technology being built using Peercoin a platform.
Note
Technically: As PPCUSD touched $0.97 the magic $1 served as resistance. At about the same time PPCBTC touched longer term resistance. Since then price have been loosing value and obvious signs of downward momentum on the daily PPCBTC chart and signs of weakness is emerging on intraday timeframes.Fundamentally: The Indicium ICO (talk.peercoin.net/t/ann-indicium-series-a/4518) launched about the same time as prices started to trade lower. After 5 days the ICO has already cleared its first goal (follow the fund raising here chainz.cryptoid.info/ppc/address.dws?pA3NKquAb6c2wPvUGfrJYmP2mZDM7sGmFj.htm and blockchain.info/address/38nfHH889UxL1MRBmS8hJh23bbXyNf9Hma) which means that the development of the DAC will be funded, which also bodes well for the underlying technology called PeerAssets (PA). PA can be used to for new ICO's later down the line.
Technically speaking there is nothing out of the ordinary about the bounce on the resistance on both PPCBTC and PPCUSD. Furthermore even as much as a 50% decline would be possible, without creating to much technical damage. Fundamentally speaking things have only improved the last days.
I'm short term bearish and long term bullish.
Trade active
So far I've been spot on... and now my first upside target of $2 was hit (tradingview.com/x/HvznTgFr/). While crypto currencies often go bananas and baffles your mind by just going up and up and never stop rallying, there are clear signs of price exhaustion and a correction can not be ruled out. Accordingly to my own trading rules, this is the level where you take 70% profit and let the rest run.If there is a correction, then depending on whether the chart is damaged or not, either reload or close the rest of the position at open.
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