- Potcoin price continued to trade lower, as there is a bearish trend line on the hourly chart acting as a hurdle.
- The price has a major resistance formed around 0.00000242BTC where buyers might struggle.
- The Potcoin price is below the 100 hourly simple moving average, which is a bearish sign.
Potcoin price looks set for more declines, as the price is under the bearish pressure which may increase moving ahead.
Importance of 100 MA
There was a downside reaction in the Potcoin price recently, which took it towards the 0.00000227BTC level. Somehow, buyers appeared around the stated level and prevented the downside. The price is currently correcting higher, but facing a lot of hurdles on the way up. The most important hurdle for buyers is around a bearish trend line and resistance area. Moreover, the price is also below the 100 hourly simple moving average, suggesting the amount of bearish pressure on the price.
If the price attempts to correct higher from the current levels, then an initial resistance may be around the 38.2% fib retracement level of the last drop from 0.00000264BTC to 0.00000227BTC. Above it, the 100 hourly MA sitting near the 50% Fib retracement level could act as a barrier for the price for more gains. The hourly RSI is below the 50 level and looks set for a move lower, indicating that there are chances of more losses in the near term in the Potcoin price.
On the downside, the last swing low of 0.00000227BTC can be seen as a support area. If sellers succeed in breaking it, then the next level of interest could be around 0.00000220BTC.
Intraday Support Level – 0.00000227BTC
Intraday Resistance Level – 0.00000242BTC
In short, one might consider selling rallies as long as the price is below the 100 hourly MA.
Charts courtesy of Cryptrader