Simple analysis here.
Power Ledger reaching new recent lows in a similar fashion to other alt coins due to recent bitcoin price surge. However, it is interestingly showing some good support at the 4700-5000 sat range.
Powr has good support from the Australian government which makes it unique as in late where government regulations are putting heat on the cryptocurrency world.
Powr consists of a strong dev team with an even stronger community backing which is essential for cryptos to flourish.
Overall, I see a potential descending wedge pattern which can be very profitable for us all if we pay attention and play our cards right.
You can buy now or play it safe by buying a break of the resistance line if price action also shows support at that level once broke.
Keep in mind powr is a new coin and that does suggest risk with this trade. Also, another bitcoin surge to 13K+ could push price action lower and a break of the support line shown around 4600 sat would negate this analysis.
Trade Procedure:
Buy now at 4700-5100 sat (BEST)
OR
Buy at 5600-5700 sat if support is shown. (SAFEST)
Target 1: 7351 sat
Target 2: 8999 sat
Target 3: 10199 sat
Upper End Target: 11799 sat
Max Target: 15999 sat
I suggest selling in percentages of your holdings because you don't ever wanna be left out of potential higher targets. Ask any EMC2 holder who sold too early...
Trade Length: 12 days
Stop Loss: <4600 sat
Reversal Point if stop loss hits is 4200-3800 sat.
Goodluck! :)
Power Ledger reaching new recent lows in a similar fashion to other alt coins due to recent bitcoin price surge. However, it is interestingly showing some good support at the 4700-5000 sat range.
Powr has good support from the Australian government which makes it unique as in late where government regulations are putting heat on the cryptocurrency world.
Powr consists of a strong dev team with an even stronger community backing which is essential for cryptos to flourish.
Overall, I see a potential descending wedge pattern which can be very profitable for us all if we pay attention and play our cards right.
You can buy now or play it safe by buying a break of the resistance line if price action also shows support at that level once broke.
Keep in mind powr is a new coin and that does suggest risk with this trade. Also, another bitcoin surge to 13K+ could push price action lower and a break of the support line shown around 4600 sat would negate this analysis.
Trade Procedure:
Buy now at 4700-5100 sat (BEST)
OR
Buy at 5600-5700 sat if support is shown. (SAFEST)
Target 1: 7351 sat
Target 2: 8999 sat
Target 3: 10199 sat
Upper End Target: 11799 sat
Max Target: 15999 sat
I suggest selling in percentages of your holdings because you don't ever wanna be left out of potential higher targets. Ask any EMC2 holder who sold too early...
Trade Length: 12 days
Stop Loss: <4600 sat
Reversal Point if stop loss hits is 4200-3800 sat.
Goodluck! :)
Comment:
And BTC surges....
Trade closed: stop reached