Power Ledger POWR - the perfect falling wedge
Power Ledger wants to use the power of blockchain, to allow people to autonomously trade electricity between each other. In some markets this makes no sense. In others (Such as Australia where every 3 houses has solar panels) this makes sense. renewable energy is only growing and blockchain is on the same path. I see this as a perfect example of an ICO that would pay dividends. Unfortunately, BTC and the algos draged the price of POWR down. Although despite this, Power Ledgers team has continued to grow and develop into markets, creating not only real-working demonstrations of its product, but actively rolling out live projects in Thailand, Australia, New Zealand, the United States and India. I cannot see a ICO to date which has taken the lengths that Power Ledger has to develop the blockchain vision. Further to this, a development with a year in the making - Power Ledger is due to compete in the 3 finalists for Extreme Tech challenge 2018 held on Richard Branson's Necker Island.. Power Ledger has a clear technological innovation advantage compared to its two competitors and a win of this competition would bring inventors, industry professionals and business development interest to further the goal of Power Ledger. Mark my words, when this happens - Power Ledger will be back into the youtube videos and news of the blockchain space. Get in early and educate yourself before you are one of the fomo packs.
Now that the fundamentals are done. We simple have a formation which we are currently over 75% complete. Bulkowski states in his theory, "price which has travelled more then 75% of the is considered likely breakout territory". The further this travels towards the apex, the more it is. In terms of Eliot wave theory, I can see a WXYZ combo which has clearly taken place over the last 6-8 months. This is due to complete very soon with a touch on the rend line (Seen in the chart). This touch would be due anytime within the next 24 Hours to 3 days and signal a breakout if the is there. On the hourly chart I can count a further 5 waves, which has developed over the last week.
In terms of , clearly oversold on the hourly. On the daily, we have made a series of 3 lower highs on price, while making 3 lower lows on - Clear divergence happening here and im gathering a sentiment of increasing buying pressure at these record lows.