unknownco

PPT treasure hunt

Long
BINANCE:PPTBTC   Populous / Bitcoin
Only 300k volume in first 10 days after listing, so the old support levels that come from this time aren't very firm (the dotted lines).

PPT is nearly in uncharted territory, practically all of the trading on this coin occurred at a much higher price.
We're at the same level (67000) as the last spike, which had 3-4 times the usual weekly volume (1.3 m vs 300 k). I'm going to have a tight stop, if it breaks then I'll just have to keep watching for bottom. If volume triples, It'll break 100000 and die out before 140000 in a matter of days.

The tight stop: After the "ex-whale" accidentally added an extra zero to .0015530 (he typed .0001553 instead) and market sold, this things had a hard time... The resistance we're sitting at (66930) was formed during the btc 0.34% dominance dip last week, ignoring this dip we might already be well below the actual support (73000, 81000-ish), and just could continue to freefall.

Like many coins, either the daily RSI has double bottomed (Red) or shows bullish divergence (Green), depending on which day you consider the low.

Target buy: 67000.
Target sell: 75,000-95,000-105,000-138,000. I'll hold all of it to 105000 depending on indicators, selling as low as 73,000 if it looks shakey.
Stop loss: If 66890 then sell 100% 66750, then continue to wait for the true bottom.

Trade closed manually

Comments

Any update on your analysis? Today has been phenomenal for populous (relatively speaking) so far.
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unknownco Fovillain
@Fovillain, Forgive the late reply, I went in and out twice on the pump but only caught a few %, was too scared to hold to 78 after breaking 67. I'm staying out of PPT for awhile but watching closely, It could have found it's bottom around 60,000 but I'm not placing any bids yet.
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BTC broke 8000 and BTC dominance continues to rise, I've closed this trade in slight profit due to the swing at 72500. Still plenty of potential upside, and even now can easily break even at 67000, but I'm giving PPT a little time before reentry.
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Buying back in at 67,000 lowered my stop loss considerably. Time will be an issue soon, will consider letting this go if BTC can't hold 8000 or if we pass stagnant into the downtrend on august 1.

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Took profits on 30% at 72,700. I expect a pullback to the 69000's where I'll get back in, or just let the rest ride.
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You think it's time to load up on ppt now it's at the 68 levels? - It's all a question of when's the next altcoin bull coming. I kinda feel it's going to be august...but then again i've been saying "it's going to be next month" since february. LOL! - Can't tell you how much I lost out on with ppt. Enough to buy a house and a lambo. I need to know before it comes back so I can load up. Do share your ideas when you get a chance. I'm following you and on the egde of my seat.
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@RobJay, I swung PPT between 160,000 and 180,000, but the support at 165000 failed to hold and I got out. I've been watching it fall waiting for an entry point, missed the run up to 140,000 but had a friend who sold there after having bought at 170,000 a few months ago. TA has been very wrong about this coin in a big way before, so exercise skepticism on a TA based call. PPT will find it's bottom only once someone with enough money steps up, and that's what it's waiting for. I'm careful not to get my hopes up with this coin, but zooming in from the 1d the graph continues to look better and better on all indicators EXCEPT volume. If I don't feel the support I'll begin to begin slowly offload it, but I'm giving this trade 7 more days, or waiting for it to fall below 6690 before cutting it with a small loss. Selling at 6600 is loss of 1.5%. I don't have stop loss set, I have sell orders set and alarms to alert me if we break through 6690. The chart I posted is simplified, but these are the resistance lines I've got alerts for: 69100, 71440, 73290, 74120. Any of these could become the limits of a channel if the volume stops, and the volume has practically dried up the last 4 hours and todays volume looks like it will finish (in 18 hours) at about 1/4th of the most recent dips volume and about 1/2 the regular weekend volume, which looks bad. However, the selloff days have had declining volume for the last few weeks, we might be running out of sellers at this point. It's still testing 69100. If you picked some up at 67,000, you're in a good spot to give it some time to mature, but if we don't sit for at least 1-4 hours above 69100, then we'll likely see 66900 again.. There is no bottom so be careful.
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