BITTREX:POWRBTC Here is my idea about POWR for the next 2 weeks or so. RSI and MACD support the up trend but we have quite a journey till we can say is a bullish trend. It needs to break one by one each of the down trend resistance I drown so I expect the coin to go in a ranging trend (not my favorite) but that how I see it. After it breaks off around 4500 we can say is a bullish trend and look for upper targets. The other scenario would be that it fails to break the resistance and investors loose their interest and get weaker or BTC shakes again which would send the price even lower then 2600. 2600 is a good long term acquisition if you ask me but it could go lower.
Comment
⋅
Comment
⋅
Comment
⋅
Update: there is a huge resistance cloud ahead, without volume is not going to break through. All signs are bearish for now. There is hope from MACD but is not going to help without volume. Since the coin is not hyped right now the price will stick around 3000 - 3500 range maybe even lower. Again 2500 is going to be a good buy so if it goes back to that level I'm going to buy more. Keep watching...
Comment
⋅
Update: This could be a good news, POWR just broke the down trend resistance again but is heading through a huge resistance cloud and once it arrives up will encounter another huge resistance which is around 4500 which could turn the excitement into disappointment. Nothing is impossible so let's be positive about this new move and look forward to see it through.
Comment
⋅
Update: Possible BTC head and solders, allcoins all will bleed again.
Trade closed: target reached
⋅
Update: We broke the 4500 resistance so is definitely in an up trending and starting a new cycle. I will create a new thread with a new idea I have.
What a nice run, didn’t catch all of it but was happy to walk away 22% up with my trade.
pgarret
⋅
@ehoad, glad to hear. Only good things are ahead stay tuned.
ehoad
⋅
So,it looks to have not broken resistance. Would you say it will retrace again to around the 2600 mark or find a higher support?
pgarret
⋅
@ehoad, Very unlikely but possible if something happens with the market, there is a strong support at 3600-3700 and 3200 so the resistance at 4500 will be tested multiple times and therefor bouncing from 4500 to around 3600-3200 which we call it range zone. I expect to bounce at least two more times. Time will tell, will post if I see something which can potentially break the resistance earlier.
ehoad
⋅
@pgarret, thanks. I'd be happy with bouncing in that range haha
pgarret
⋅
@ehoad, I agree. You can make nice profit if it's at least 1000 in range. But what I hate about this is that you need to constantly watch your trade so you can get in/out at the right time. In an up trend you just adjust from time to time your stop loss and that's it, the profit goes up ;)
ehoad
⋅
@pgarret, also off topic. Do you have any thoughts on xem? I followed a trendline down to suppot around 2880 and it looked like a possible break trend. It looks like it may have but seems stuck in the 2920-2980 range. Bare in mind my TA is very basic and I am still learning and putting everything into play.
Would appreciate any input.
Cheers
@ehoad, The price is still consolidating and if it doesn't break up or down in the next 3 hours is going to range. It looks like a descending triangle but I would say is not yet complete, that is why is not breaking up or down yet. MACD is not supporting an up trend but something is going to happen soon. I think is going to test 2700 one more time and come back to 3000 but if it doesn't do it in the next 3-4 hours is not going to break soon and will go down again. Hope this helps, just my opinion this is not an investment advice. Will try to look at this more and let you know. I hope you have your stop loss in place.
ehoad
⋅
@pgarret, thanks appreciate your input.
I've since sold for a 5% profit and watching again. Got in at 2938, out at 3104.