POWR has made a convincing break above a long-standing resistance at 4,400 Sats after 5 previously failed attempts. With new buying support the price action is retracing well back to the 0.786 fib level / 5,000 Sats where we’re likely to see this uptrend rebound briefly.
This could present a good entry opportunity for late buyers who are looking to make a small profit from the bull run.
For this bullish run we could expect a price target of 7,000 Sats ($0.49 at current market value) before running into a tough resistance at 0.618 fib level. However, we’re still waiting on a crossover between 50/200EMA to confirm a longer bullish period.
Looking at the 4hr chart above, we can see POWR entered into a contracting Bollinger Band channel between 3,900 and 4,400 Sats after a long downtrend. Finally the asset consolidated between the two red dotted lines and we saw a bullish convergence on the MACD indicator as short-term buying momentum increased.
Looking more closely at momentum indicators below we can see the faster moving RSI and CCI indicators showing a brief overbought moment in the current uptrend, with a slower Williams R% indicator showing the asset tracking well within the channel.
For those looking to make quick entry and exits, faster moving momentum indicators will be more useful. Those that are holding longer positions will want to follow a slower indicator like Williams R%.
A good combination of momentum indicators to trial with for confirming overbought and oversold moments can be MACD, Williams R% and Stochastic. You will want to see all 3 indicators showing an asset above/below the channels/ signal line to confirm these moments.
Power Ledger (POWR/BTC) Price Prediction
At the time of writing POWR has gained 4.86% against BTC, with the highest trading volumes we’ve seen for the alt-coin since early February.
However, while short-term indicators favour POWR gaining today we still need stronger confirmations that this isn’t a short-lived pump. If POWR fails to break above the 0.786 fib level then it’s likely that we’ll see the alt-coin return to the lower support again.
Keep an eye out for green candles holding well above the line during the uptrend and watch out for bearish ‘hanging men’ candles that betray trend reversals.
This article appeared first on Cryptovest
