- Potcoin price moved further lower Intraday, and even created a new low below 0.00000220BTC.
- The price looks like struggling in the short term, as yesterday’s highlighted bearish trend line and resistance area acting as a hurdle.
- The Potcoin price is still below the 100 hourly simple moving average, suggesting more losses ahead.
Potcoin price fell as anticipated in yesterday’s post and it might decline further in the near term if sellers remain in control.
0.00000235BTC as Resistance
I highlighted yesterday that there is a chance of more losses in the Potcoin price. The price did move lower and broke an important support area of 0.00000220BTC. A new low was formed at 0.00000214BTC, and it looks like the price is still under the bearish pressure and might continue to head lower. The price attempted to move higher Intraday, but yesterday’s highlighted bearish trend line and resistance area played its part and prevented the upside.
The key aspect to note here is the fact that the 100 hourly simple moving average is now aligned perfectly with the first bearish trend line. Moreover, the 23.6% fib retracement level of the last drop from 0.00000307BTC to 0.00000214BTC is positioned around the 100 hourly MA. In short, there is a monster resistance built near 0.00000235BTC that might continue to prevent gains if buyers take the price higher. A break above the trend line and 100 hourly MA could take the price towards the next bearish trend line that is waiting patiently to act as a barrier for buyers.
On the downside, the recent low of 0.00000214BTC is a support area. A break below it might take the price towards 0.00000210BTC.
Intraday Support Level – 0.00000214BTC
Intraday Resistance Level – 0.00000235BTC
Overall, our idea of selling rallies is still intact in the short term.
Charts courtesy of Cryptrader