QuantumTech
Long

POT/USD having some upside potential?

BITTREX:POTUSD   PotCoin / US Dollar (calculated by TradingView)
Potcoin has made a smaller rebound from the beginning of 2019. The price has been moving quite volatile. That is for us an indicator that more transactions are being made as before, which can also lead to bigger moves. As of right now, the price has broken above the previous resistance line, and it has now become a support line. We do believe, that the price will be bouncing from this line for a while and eventually creating a channel formation. Looking for the price movment on the shorter term, we can see, that double bottom has just been formed at the support line. For us that is an indicator of the next move being bullish .

On the four hour chart, we can see a possible ascending triangle formation, that has formed as a correction after a bearish move. That usually indicates, that the next move after the breakout of the corrective structure will be also a bearish move. We believe that if this is going to be the case, the move is not going to be very big, and will probably stop at the previously mentioned support line.



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We wish you good luck with your trading!

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