- After the big spike we had no real correction until now.
- We formed a rising wedge and we broke below it.
- We formed a small head and shoulders pattern.
- The RSI ist on a steady downfall.
- We are forming a perfect Elliott Wave Pattern and we are currently on the 5th now.
The strong supportline is nearby 680 Sat and it's possible that we will drop to it.
My previous thoughts on this trade are saved here :
The big purple lines are the edge of a big bullish Pennant. Everything looked bullish and promising for POWR, but the BTC peak killed it. Furthermore we got the wrong signals and the price dropped even further.
Apperently we see...
We have broken the black bullish Pennant to create another smaller bullish yellow Pennant.
Apperently we failed with the yellow triangle due to the BTC peak.
On the bigger scale we have still our pink descending Triangle.
We are oversold on the 30m, 1h and 2h chart.
Hence we shouldn't go lower than the next supportlevel nearby 0.00005sat.
Hopefully we see a nice...
On the long term we are looking at the black longterm bullish pennant.
We slighlty crossed it and created a new darkblue triangle, which we have crossed recently too.
Currently we are in the moon-blue triangle and the breakout could happen soon.
Furthermore we have a strong orange supportline.
Overall we are aiming for a conservative target nearby 9000 sat.
We broke out the first big triangle, to create a new symmetric triangle, which should breakout too soon.
Both signals cumulate and are very bullish.
We are aiming for a conservative target around the 0.236 Fib Level nearby 0.000719.
Currently we have a symmetric triangle with higher lows on the bigger scale.
We will see a last retracement by a price nearby 0.0056 and a final bounce between 0.000507 and 0.000518.
Our aim is the 1.618 Fibonacci Retracement Level nearby 0.00116 and 0.00132.
Overall this COULD be a 160% profit trade in 3 days. :-)