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PowerLedger/Bitcoin (POWR/BTC) in a Bullish Breakout

PowerLedger has been sliding against bitcoin for about a week after a sharp runup in the previous week. Let's examine the price action of POWR/BTC in the 1H chart:

  • The 1H chart shows the steady decline since POWR came up to about 11800 satoshis.
  • Note that the rally before had more conviction. This tells me there is a slight bullish bias. 
  • During the 11/30 session, price pushed up above a falling channel resistance. We can say that the volatility of the bullish attempt and the volume behind it suggests it could be a start of a bull run.
  • POWR has high variance and will have a high reward-high risk profile.
    Trade Idea with reward to risk asses
  • Enter at 6100
  • Stop Loss at 4900 (-19.26%)
  • Target 1) 8000 (+31.15%)
  • Target 2) 9250 (+51.64%)
  • Target 3) 10500 (+72.13%)

Lisk/Bitcoin (LSK/BTC) Approaching Key Support Area

BitcoinCash/Bitcoin - Stalking the Correction