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 (youtube.com/user/larksongbird01) is hosting an interview with Power Ledger Managing Director David Martin this week, on the FA side of things.
Cheers!
Note
The aforementioned video: youtube.com/watch?v=0okphE5QCSkPower Ledger will not only be fore house-to-house/community-to-community power transfer. It will be an exchange platform upon which anyone can invest in sustainable energy.
Note
Looks like we're on track to hit the trendline in < 8 hours.Note
We just touched the top of the potential buy zone.Note
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.