Power Ledger broke out today and brought huge gains. Price reached 0.00005786 level. A retracement and consolidation is coming which is normal after breaking through several resistance levels.
The candlesticks and Bollinger Bands are showing signals of a coming retrace which are confirmed by Ichimoku clouds.
We expect the 0.0000340 - 0.0000360 range to work as a new support, consolidation and bounce level.
This is drawdown game strategy. Wait till the price hit the support then open long position. Targets will be presented in the Premium channel later
How do you think its travelling so far? Do you think a break on bitcoin on the downside could interfere with power ledgers retracement?
Skyrex
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@alexkostoff, obviously POWR depends on BTC price movement however power ledger growth is based on fundamental reasons and willingness of people to buy this coin currently large investors sell the coin to fix profit
it will consolidate for another run as the company moves further in the roadmap
alexkostoff
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@SkyRockSignals, I share the same opinion! I've even charted up something about this retracement so feel free to check it below. Im just keeping in mind that despite its extremely strong fundamental values, if BTC drops later this week, it could really invalidate the five waves up for POWR. as much as I hate it, BTC has the power to do that. Alternatively, if btc breaks out, well the third and fifth waves up for POWR will be really strong. So far its looking on point though.
Skyrex
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@alexkostoff, yep BTC rules the market
POWR is one of the many coins that will drop in case of BTC price decrease as it is pretty pumped already and panic will bring it to the median