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Power Ledger / Bitcoin

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POWRBTC trade ideas

Power Down The Star Ship — No Warp Drive For POWR/BTC Just Yet. Hi friends, and congratulations to my Twitter followers, who voted POWR, and won this week's #CoinVote! Welcome to this brand new, straight outta the box, fresh outta the package analysis on Power Ledger! Let's get it! Looking at the four hour chart, for POWR/BTC, we can see that Power has been in a downtrend channel (in pink) since the all time high. Recently, Power broke below the 78.6% retrace, and has been failing to get back above. Additionally, the 20 EMA (in blue) has been acting as resistance for quite some time. Power recently rallied above the 20 EMA, but was rejected just above, at the 50 EMA (in orange.) So, we can see that the falling resistance levels have been putting the rally attempts in check. Looking at the midline of the channel, you can see that Power has been flirting with it for about the past two weeks. Currently, POWR/BTC is just above, but the overall trading in the top half of the channel is weak and infrequent, compared to the trading in the bottom half. So let's recap. We have apparent weakness in the top half of the channel, we've broken below the 78.6% retrace, the moving averages continue to provide overhead resistance, and we're in the midst of a downtrend channel. With all of those things in mind, you can see that the overall picture is bearish. However, on the MACD, we do have a bullish divergence that is developing. With that said, I don't generally read too much into MACD divergences. As a lone indicator, they can be very misleading. However, they do show us that the underlying sell-side pressure is dwindling, as the market continues to make lower lows. With that said, the volume is practically nonexistent, so, again, I wouldn't read too much into it at this point. Since the sell side pressure is dwindling, it's important to keep an eye out for any reversal signs, like a break above the 50 EMA, for example. That's a development that, combined with the bullish divergence, could present some nice upside. However, until a reversal signal emerges, I would just keep the divergence in mind. The overall bias is still to the downside, so let's discuss the downside support levels. You can see that there is a bit of support off of the highs on the left side of the chart, at about 4546. Below there, the support is sporadic and insignificant. Therefore, a sustained breakdown below 4546, could cause Power to fall significantly lower, potentially all the way down to the 2613 level. With that said, it's important to keep in mind that we are in the middle of a downtrend channel. The trend is CLEARLY down — lower highs and lower lows, and there aren't any real indications of strength at the moment. Until Power starts to print some higher highs and lows, the trend will remain to the downside. The trend is your friend, people! Know that, own it, cuddle up to it at night, and never forget it. That is a motto that has protected me as an investor, on countless occasions. Until the trend reverses, the trend is your friend. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone! ***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*** -Magic loves you- -JD-
by MagicPoopCannon
5
POWR In My Sights...PowerLedger is an ultra long. Difficult to count and get a handle but the market is showing us a course. There definitely has been a shift in sentiment in the crypto markets lately. I don't know why. But if someone could show me some TA explaining the psychological point of each swing I'd appreciate it. Anyway revert to chart. 4hr seems to have been the clearest in my eyes for TA. But I do look at all timetables. No new advancements but time for a new chart due to the shift in sentiment. --longmoney
Long
by longmoney