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%)