POWR reached bouncing area?
Updated
POWR is an interesting project that has seen a lot of attention in the last weeks, hence the major pump. It is now overbought on the lower levels, but it has retraced between the 0.5 and .618 fibonacci levels. I think it probably goes down at least till the .618 level (bottom of green box), but this might be a possible bouncing area because more fibo levels are located here. I'm buying some in this box, and place my stop loss not far below it.
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POWR overshot my target area and retraced to the next fibonacci level. Nonetheless, it means that POWR has completed its ABC correction and is now preparing for its next major leg up. It already broke out from the downtrend and it looks like a trend continuation pattern is forming. Short-term target and long term target are in the chart.Note
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POWR is having quite some difficulties continuing its upward move. It is currently in a descending triangle, which more often than not breaks out downwards. There is still a possibility thath it will break out upwards, but I am moving my stoploss closer.Trade active
Broke out above the trendline, retraced and is using the trendline as support now. This normally is quite bullish, so I'm hoping POWR can pick up some steam and continue towards 0.000085.Note
Note
So that was a false breakout and luckily I moved my stoploss up (see red dotted line). Now I'm still in the green, while POWR might be at a bottom again to buy back in lower.Trade closed: stop reached
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