I won't waste time with the fundamentals on this one, although Pot has had some endorsed tweets from Charlie Sheen recently which is of course positive exposure, I think the technicals are the main focus on this trade.
Timing, one of the hardest things in my mind when it comes to predicting the high gain trades, chipping the odd 10% or so here and there is easy enough, but that's not what we are interested in here. As such it is very easy to get too wrapped up in fundamentals such as it being 4/20, so logically all the Weed related coins must fly. Indeed clearly enough people thought this to give Pot a little pump, but it wasn't ready and fell at the 4th hurdle.
Now however things are looking a bit different, as we are seeing across the market, coins are finding their feet and testing resistance. Pot has done this and landed on strong support to make a firm higher low and is about ready to go the distance.
Now i've mentiond above timing is b*tch and i stand by this, as such you can see above i've marked where I think we will move up in a big movement, that being said, we are sat on excellent support and the right influx of could set us off anytime over the next couple of weeks possibly a few days before or after where I have marked.
You can see on the that we are oversold and our is showing some return to a momentum, however our is telling me that we aren't quite ready just now, but soon, the weekly chart also looks great with tons of room for growth. I have been keeping a close eye on this coin over the past week and the signs of accumulation are all there seeing some significant buy orders toying with the price.
In terms of targets I am personally seeing us comfortaby hit the 0.000033 area, we could then bounce off support and go a lot higher, although at this stage this will all depend on momentum and so I would not be comfortable predicting further gains at this time until that strong resistance is broken.
Interestingly a lot of charts are gearing up for big action in May so expect it to be an exciting month!
Throw me a thumbs up if this has been helpful and thanks for reading
As always a shakeout drop is possible so don't get too spooked by this, Pot wants to go and it's time will come soon in my opinion
We are currently flirting with our support but I certainly do not expect a daily close below this, let Bitcoin do it's thing and soon afterwards we will be looking good
So firstly apologies to anyone following that I haven't been keeping up to date on this, has been a busy week but now I am back and ready to take a better overview of these trades
So then, POT! We are looking in a good position and I wanted to start by posting a side by side of some very striking similarities to show the potential of where we currently are, it may seem that we have been underperforming the market but I believe this is going to change soon; please also note the slightly adjusted targets in line with monthly fib levels.
You can see between the vertical lines where this can take us. I want to be clear that I am not a fan of expecting the same results, in my view that often the case in trading when you see the old quote “The definition of insanity is doing the same thing over and over again, but expecting different results” (also, it's not an Einstein quote) is that it's not strictly true, but it is interesting still to show the potential.
So looking at the daily we have a nice flat RSI, our Stochastic RSI is oversold to hell and back and our MACD has levelled out very nicely, in short we are set up perfectly for a rally and it will only take a modest injection of volume to get that ball rolling.
Longer timeframe wise we are neutral to slightly bearish but that is just fine for where we are at the moment at this early stage, so all in all I do not believe we will be waiting much longer.
Thanks for reading!
Our updated key points to watch below;
Patience is the name of the game
The whole alt market has taken longer than many including myself thought to kick into gear but it is coming
While we wait though if you ever want to see what textbook accumulation looks like just take a look at the candlesticks on Pot
That is always a tricky one with crypto since things can get pushed further than their logical peak, I mean look at Zclassic these past few days. I've done the same many times before and I think i'm still haunted by things like selling Clear Poll last December before it went crazy haha.
I think the first thing is to pick your target based on a logical resistance line and try to stay strong to your strategy, like above I've chosen at the strong resistance before the last high as the highest target, as probability wise it's going to take a very big pump to take us anywhere beyond that.
Indicator wise I just keep it basic, I keep a close eye on the RSI on the 4h and 1d timeframes to tell me how much momentum we have left. We want it trending strong upwards and when that starts to level out we are losing momentum so are less to break the next resistance, if your rsi is already overbought past 70 on the 1d view then you don't have a whole lot of space to go anyway so should be mindful of a reversal.
MACD is helpful for how long a pump has left, we want to be making higher lows
The above would help show where a peak is, then when it comes to retracing from a peak and taking off again you can only be mindful of the previous strong support lines, like on the pot chart we double bottomed on the 29th & 30th of November (on the 4h view) suggesting the support has held strong and away we went for one last run.
Stochastic RSI can be useful to gauge how overbought we are too, although it can be misleading so i'd only use it along with the other 2.
I hope that's a bit helpful anyway, timing the top can be tricky and increases risk greatly so I think researching and setting a sell order you feel confident with and not micromanaging is often the best way I've found in the past.