- Potcoin price declined further and broke the last low of 0.00000259BTC to create a new low.
- The price traded as low as 0.00000249BTC where sellers were seen struggling to gain pace.
- There is a possibility of a recovery in the near term, which means we might get one more opportunity to sell.
Potcoin price moved lower and reached out final sell target of a new low below 0.00000250BTC and looks set for more losses.
We were anticipating a new low in the Potcoin price below the last swing low of 0.00000259BTC. There was a decline noted, as the price traded below the stated level to set a new low of 0.00000249BTC. Sellers were seen under control, which is the reason why there was a sharp decline. Moving ahead, there is a chance that sellers might struggle to take the price further lower, may be not before a short-term correction. So, we should wait for the price to retrace before looking for another trade opportunity.
Let’s say the price attempts to correct higher from the current levels. An initial resistance in that situation could be around the 23.6% fib retracement level of the last drop from 0.00000295BTC to 0.00000249BTC. However, the most important resistance is around the 50% Fib retracement level, as the 100 hourly simple moving average is also positioned around it. Any further gains might take the Potcoin price towards the broken channel support trend line where sellers may appear to prevent the upside.
On the downside, the last swing low of 0.00000249BTC is a support area. A break below it might be a bearish call in the short term.
Intraday Support Level – 0.00000249BTC
Intraday Resistance Level – 0.00000267BTC
The hourly RSI is below the 50 level, suggesting that more losses are possible.
Charts courtesy of Cryptrader
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