Although its very tough to predict from chart when the data is barely few days older and you dont have much of a history.
However, POWR is presenting an interesting structure with more potential on the upside and limited downside.
POWR has been resting at the same level against BTC for almost 5 days now, thats generally a sign of next big move on either side. Our job is to best guess, which side that would be!
The triangle with a pretty firm support is a good level to buy for aggressive traders (current level is almost the support level). However, conservative traders can wait for the clear breakout candle (with above average volume) above triangle resistance line.
Fib Extensions are the targets in this trade, I expect a lot of mini trades within this structure in days to come.
Treat green line as an ultimate stoploss, below that on closing basis, I see the pair falling towards 2800 level.
Happy trading :)
However, POWR is presenting an interesting structure with more potential on the upside and limited downside.
POWR has been resting at the same level against BTC for almost 5 days now, thats generally a sign of next big move on either side. Our job is to best guess, which side that would be!
The triangle with a pretty firm support is a good level to buy for aggressive traders (current level is almost the support level). However, conservative traders can wait for the clear breakout candle (with above average volume) above triangle resistance line.
Fib Extensions are the targets in this trade, I expect a lot of mini trades within this structure in days to come.
Treat green line as an ultimate stoploss, below that on closing basis, I see the pair falling towards 2800 level.
Happy trading :)