Andratos95
Long

Power Ledger - Symmetrical Triangle, buy opportunity

BITTREX:POWRBTC   PowerLedger / Bitcoin
After experiencing a flash crash on Dec. 21, POWR/BTC looks like it is building a symmetrical triangle pattern .
The 100-periods SMA (in the 2h chart, in blue) has offered support, following the lower side of the triangle.
The 50-periods SMA (in orange) looks like it is going to meet the price at 0.00006600 BTC             .
I believe price will bounce on that level before breaking the upper side of the triangle.
I also believe the price will go to 0.00007500 BTC             , then find support on previous resistance (the upper side of the symmetrical triangle), before shooting up to my target, around 0.00012000 BTC             .
On the upper left corner I drew a typical formation of this bullish pattern , to emphasize the similarity between the chart and the "theory".
The ADX and DMI allow for the start of a new uptrend.
The stochastic RSI is what makes me believe we'll have a little correction at 0.00007500 BTC             .
This is anyway a risky trade.
The price of BTC             looks like it doesn't know exactly where to go, and this indecision makes the whole market very volatile and rather unpredictable.

For whom likes to buy on dips, I suggest a limit buy at 0.00006600 BTC             , with a stop loss at 0.00004980 BTC             (this because if price falls, 0.00005000 BTC             will be big buy wall, since it is an even number, and it is below the lows of Dec. 19 and 22).

On the other hand, if you want to play it safer, I think you have 2 strategies, based on what'll happen:
1) If price breaks up the triangle, hits some value around 7500 satoshi, then corrects (without re-entering the triangle), I'd set a stop buy just above the 7500 satoshi level.
2) To get even less risky, but also less reward, you could set a stop buy order above the high on Dec. 20, at around 0.00008050 BTC             .
My target is around 12000 satoshi.

I repeat that this trade is riskier than normal because right now the market is very volatile.
This is not financial advice, this is just my opinion. Any comment is appreciated.
Kommentar: The 50 and 100 SMA have failed to support the price this time, the next support is at around 5000-5200 satoshi, where price had previously found it in the past, and where the 200 SMA (in green) is approaching.
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