After breaking out of the long term weekly downtrend, POWR has started to create new market structure with a higher high and higher low. It has now pulled back to a weekly support level which has been respected multiple times.
If this support level can hold, we may see a strong bullish move back to test the previous structure around 5300 mark or even the most recent high at around 6200.
If we break down here we will see powr head down to find support. The next key support level is a weekly support around 2950. This is also the lowest level that POWR has seen since being listed on bittrex.
With it's strong fundamentals it could be a good time to fill your bags for a mid to long term hold if we can hold this support level.
If we break I will be looking for another entry around 2950 for a mid to long term hold.
If this support level can hold, we may see a strong bullish move back to test the previous structure around 5300 mark or even the most recent high at around 6200.
If we break down here we will see powr head down to find support. The next key support level is a weekly support around 2950. This is also the lowest level that POWR has seen since being listed on bittrex.
With it's strong fundamentals it could be a good time to fill your bags for a mid to long term hold if we can hold this support level.
If we break I will be looking for another entry around 2950 for a mid to long term hold.
Comment:
BTC is making trades get rekt currently so i am no longer looking at entering any altcoins untill it chooses a direction.