Potcoin Price Key Highlights
- Potcoin price after a nasty fall managed to find bids around 0.00000259BTC.
- There is a major breakout pattern forming on the hourly chart in the form of a flag.
- If there is a break below the highlighted flag pattern, then it might call for sharp declines moving ahead.
Potcoin price is attempting to recover some ground, but it won’t be easy as sellers seem to be under control.
There was a sharp decline noted in the Potcoin price recently, as it traded as low as 0.00000259BTC where it barely managed to find buyers. There is a short-term recovery under way, which looks interesting as there is a major breakout pattern formed on the hourly chart in the form of a flag. The flag resistance is aligned with the 38.2% fib retracement level of the last drop from 0.00000370BTC to 0.00000259BTC. There is already a reaction noted around the mentioned resistance area.
The flag support area is helping buyers in the short term. It holds the key moving ahead as a break below it could call for more losses. An initial target of sellers would be around the last low of 0.00000259BTC in that situation. Any further declines might take the price towards 0.00000250BTC. It would be interesting to see how the price reacts around the stated level if there is a major decline.
There are a few positives to note like the divergence forming on the hourly MACD, suggesting there might be more gains in the near term. However, the highlighted flab pattern looks bearish, as per the trend analysis. So, it would be interesting to see which way the price breaks moving ahead.
Intraday Support Level – 0.00000302BTC
Intraday Resistance Level – 0.00000288BTC
The hourly RSI is well above the 50 level, suggesting buyers are still in play.
Charts courtesy of Cryptrader