POWR trade call
Updated
I have been playing with this one for a few days now but believe we could be heading for an easy pick up here.
POWR responds well to rsi over sold indicator and always has a large % bounce of support, it is currently sitting on a heavy line of support how ever there is also a level below around 6200sats.
I have filled my bags avg in from 6800 and will continue to buy until around 6200 even though it will break the current trend support there is still a strong horizontal support at 6200 and being so over sold just tells me we are going to bounce and not go down further.
Im not expecting a break out from current trend resistance while btc pushes to 12k so i would be taking profits around 8000sats for a cruisey 20%.
If prices drop below 6200 support i may drop my bags to pick them up lower at 5500 how ever im not to fussed about holding onto this as its a solid project and i see a good future for it regardless, so i wouldnt stress to much about stop losses for this trade, 6200 is cheap as chips for powr regardless.
good luck every body, trade safe.
POWR responds well to rsi over sold indicator and always has a large % bounce of support, it is currently sitting on a heavy line of support how ever there is also a level below around 6200sats.
I have filled my bags avg in from 6800 and will continue to buy until around 6200 even though it will break the current trend support there is still a strong horizontal support at 6200 and being so over sold just tells me we are going to bounce and not go down further.
Im not expecting a break out from current trend resistance while btc pushes to 12k so i would be taking profits around 8000sats for a cruisey 20%.
If prices drop below 6200 support i may drop my bags to pick them up lower at 5500 how ever im not to fussed about holding onto this as its a solid project and i see a good future for it regardless, so i wouldnt stress to much about stop losses for this trade, 6200 is cheap as chips for powr regardless.
good luck every body, trade safe.
Note
i still havent sold on my stops, heavy support between 6200-6000sats so im happy to hold, this is still a very cheap price for powr and i would rather see where it goes.BTC's dash over night is most likely what caused the further dip but volume on btc still isnt there to push hard through the 12k barrier so with a bit of luck we see some alt movement later today.
: im sticking in this trade :)
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.