trend reversal imminent, possible %156 gain.
I have just finished charting my Analysis on Power ledger (POWR/BTC)-Binance
Fundamentally I've been a big fan of this ambitious project since the ICO, I think they have a talented, diverse and methodical Development that have a clear and precise long term vision for Powers implementation. Its not very often you hear about their achievements, which is something I value, the Power team are quiet achievers focused on delivering and I'm positive they will deliver.
I have been waiting patiently to add to my investment portfolio since its last push on the 11/5/2018 and I believe we are nearing a good entry.
SUPPORT & RESISTANCE
On the 4 hour chart we've had a steady pull back of %29.31 from the 16/05 which saw a strong reaction to the long term ascending trend line indicated by the dashed line. This trend line spans all the way back to the 13/11/2017 and touches multiple time on the
08/12/17 - 18/03/18 - 02/04/18 - 24/05/18. this trend line alone has indicated a Bullish on 4 occasions now.
Price has also been respecting the 4 hour support line, this support line was resistance that was tested 5 times before breaking out for a %47.15 run on the 08/04/2018.
Possible formation of a Descending triangle which could play out as Bearish or bullish, but due to the Trend line, 4 hour support and %29.31 I am confident it will breakout Bullish. (indicated by the grey solid line closing on the trend line)
INDICATORS
-RSI, is looking bullish to me.
-MACD is looking like it wants to cross back under but given the respect to support i think it will curve up.
-Bollinger bands (Not shown) are restricting nicely indicating reduced volatility this is also confirmed by the reduced volume.
-We have the 50,100,200 Moving averages acting as resistance at the moment, so expect to see the price rejected at these points.
THE PLAY
play 1) wait for bullish breakout of (Descending triangle) wait for it to retest and hold the 4 hour resistance then buy and sell as per your trade plan.
play 2) wait for Bearish breakout of (Descending triangle) and look for buying opportunities closer to the Daily Resistance.
play 3) decide your happy with a %67 pull back from 04/01/2018 (All time high), buy in knowing the price could still dip further %10 from (all time Low) but add to your investment and potential %156 gain to retest (All time high)
I would love to hear your thoughts,
are you Bullish Or Bearish.
happy trading, Jarrah
Fundamentally I've been a big fan of this ambitious project since the ICO, I think they have a talented, diverse and methodical Development that have a clear and precise long term vision for Powers implementation. Its not very often you hear about their achievements, which is something I value, the Power team are quiet achievers focused on delivering and I'm positive they will deliver.
I have been waiting patiently to add to my investment portfolio since its last push on the 11/5/2018 and I believe we are nearing a good entry.
SUPPORT & RESISTANCE
On the 4 hour chart we've had a steady pull back of %29.31 from the 16/05 which saw a strong reaction to the long term ascending trend line indicated by the dashed line. This trend line spans all the way back to the 13/11/2017 and touches multiple time on the
08/12/17 - 18/03/18 - 02/04/18 - 24/05/18. this trend line alone has indicated a Bullish on 4 occasions now.
Price has also been respecting the 4 hour support line, this support line was resistance that was tested 5 times before breaking out for a %47.15 run on the 08/04/2018.
Possible formation of a Descending triangle which could play out as Bearish or bullish, but due to the Trend line, 4 hour support and %29.31 I am confident it will breakout Bullish. (indicated by the grey solid line closing on the trend line)
INDICATORS
-RSI, is looking bullish to me.
-MACD is looking like it wants to cross back under but given the respect to support i think it will curve up.
-Bollinger bands (Not shown) are restricting nicely indicating reduced volatility this is also confirmed by the reduced volume.
-We have the 50,100,200 Moving averages acting as resistance at the moment, so expect to see the price rejected at these points.
THE PLAY
play 1) wait for bullish breakout of (Descending triangle) wait for it to retest and hold the 4 hour resistance then buy and sell as per your trade plan.
play 2) wait for Bearish breakout of (Descending triangle) and look for buying opportunities closer to the Daily Resistance.
play 3) decide your happy with a %67 pull back from 04/01/2018 (All time high), buy in knowing the price could still dip further %10 from (all time Low) but add to your investment and potential %156 gain to retest (All time high)
I would love to hear your thoughts,
are you Bullish Or Bearish.
happy trading, Jarrah
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