POWR - Searching For the Bottom
Updated
If you haven't read the 
POWRwhite paper, do so.
After reaching all time highs just shy of a dollar/0.00011757 satoshis,POWRcontinues to consolidate. At present, we've retraced ~34% from the peak.
We're looking good on the 4 Hour MACD, with the RSI trending toward oversold conditions, but don't be surprised if the bears test the 0.236 Fib level (0.00007116) before we get a bullish cross.
We have a possible bottom at 0.00007617, which falls between previous support (0.00007837) and the 0.382 Fib level (0.00008004). That's no support to laugh at, but we need to see a close above 0.00008549 on the 4 Hour to shake the downtrend, and the bulls need to set a lower high before I'm going to buy again.
This assumes some sideways consolidation. If we continue to lower lows, I'll update it then.
POWRwhite paper, do so.After reaching all time highs just shy of a dollar/0.00011757 satoshis,
POWRcontinues to consolidate. At present, we've retraced ~34% from the peak.We're looking good on the 4 Hour MACD, with the RSI trending toward oversold conditions, but don't be surprised if the bears test the 0.236 Fib level (0.00007116) before we get a bullish cross.
We have a possible bottom at 0.00007617, which falls between previous support (0.00007837) and the 0.382 Fib level (0.00008004). That's no support to laugh at, but we need to see a close above 0.00008549 on the 4 Hour to shake the downtrend, and the bulls need to set a lower high before I'm going to buy again.
This assumes some sideways consolidation. If we continue to lower lows, I'll update it then.
Note
0.00007614 is holding strong --remarkably so, given the parabolic rise of major coins at the moment.I'd say someone has their eye on on POWR.
Note
New key resistance at 0.382 Fib (0.00008154)We've got support at the 0.236, but the candles have been weighing bearish.
I'm encouraged by how gradual this consolidation has been, though. No real dumps (see volume).
Updated analysis coming soon.
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