Key Highlights
- Potcoin price declined and broke the highlighted channel support area to trade lower.
- The price traded close to the last swing low of 0.00000259BTC and looks set for more losses.
- A new low might be created by sellers if there is a divergence created on the hourly RSI.
Potcoin price moved lower and it looks like sellers might attempt to create a new weekly low in the near term.
New Low?
We forecasted a break in the Potcoin price below the highlighted channel support area. There was a break, as sellers stepped in for a downside move. The price declined and traded close to the last swing low of 0.00000259BTC. The price is trading below the 100 hourly simple moving average, which is a bearish sign and could ignite more losses in the short term. We need to see how the buyers react around the last low and whether there is a break or not.
There was a perfect failure around the 38.2% fib retracement level of the last drop from 0.00000370BTC to 0.00000259BTC. It also means that the price completed a short term correction and might continue to move lower. If sellers manage to clear the last low of 0.00000259BTC, then the price could head towards 0.00000220BTC. Any further declines might be dependent on how buyers defend the downside. No doubt, there is a lot of bearish pressure on the price and if it continues more losses are possible.
If the price moves higher from the current levels, then the broken trend line and support area might come into play and act as a hurdle for buyers.
Intraday Support Level – 0.0000059BTC
Intraday Resistance Level – 0.00000290BTC
The hourly RSI is below the 50 level, which is a sign that sellers are in control as of now.
Charts courtesy of Cryptrader
