POWR
appears to be approaching a key resistance of its general downward trend. Two scenarios I'm looking at are a possible breakout to the 0.5 Fib level (0.00007321), which could represent an end to the downtrend, or a rejection that retraces at least to the current key support (~0.00006), in keeping with the current trend. If
POWR
breaks bearish, there's a possibility that it retraces as far as the 0.236 Fib level (~0.00005). Sideways consolidation is possible if we haven't yet hit the upper resistance of the downward channel, but I find that unlikely given our 4 Hour MACD. I don't think such a tight range is sustainable, and I believe that our next major move will be bearish, towards the 0.236 Fib.
DYOR, TNFA, etc. but I'm setting my buy orders between 0.00005000 and 0.00005640, with my targets around the 0.5 Fib level.
The Crypto Lark (www.youtube.com/user/larksongbird01) is hosting an interview with Power Ledger Managing Director David Martin this week, on the FA side of things.
Cheers!
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Looks like we're on track to hit the trendline in < 8 hours.
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We just touched the top of the potential buy zone.
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We just met and passed below the middle of the potential buy zone.
I'm looking to target a retest of the 0.5 Fib level sometime between now and Dec 8.
I'm looking to target a retest of the 0.5 Fib level sometime between now and Dec 8.
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