Analysis on POT
Updated
As of now on the BTC chart POT seems to be trading sideways between the .618 and .786 on my long-term Fibonacci following a correction after a 200% rise. Looking at my pitch fan POT sits on crossover where a short-term support line meets long-term resistance. The next area of significant resistance I see is around 2100 satoshis. My overall hope is that we’ll get back to 5000 satoshis within the next few months.
Note
Taking longer than expected to follow the path I’d originally predicted...Pot Coin has continued to drop over the last few weeks. This was of course always a possible scenario and action did follow my blue support line quite well as it fell.While the decline LOOKS severe, POT has actually only come down about 80% since its more than 200% rise. In my (not professional) opinion this decline could still be considered a small correction, a characteristic of such a breakout.
Today it looks like support for the coin sits just below where price action currently is on the 1 and 4-hour charts...looming not far below is the .786 of my Fib which I’ve been expecting a bounce from.
Recently Pot Coin Tweeted that there’s been an update to their wallet system for both mobile and desktop devices as well as a Tweet highlighting their “groundbreaking plan” to “nip volatility in the bud”. If development updates like these continue and support for legalization maintains it’s momentum this could be the bottom for Pot Coin...it may be taking longer than we’d like but I see a bright future for this and other cannabis-related coins like THC and Canna Coin.
For references and continued updates on the market check out IDCinc's blog steemit.com/@idcinc
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