Potcoin Price Key Highlights
- Potcoin price is still consolidating on the short-term time frames and zooming out to the daily chart shows that a bearish flag formation has formed.
- Sellers are hesitating to push price below the current support levels, as this lines up with the bottom of a longer-term triangle formation visible on the daily time frame.
Potcoin price could make a move towards the actual triangle support on a break below the current bearish flag pattern.
Bounce still possible?
A break above the bearish flag pattern is still possible, though, potentially spurring a large correction for potcoin price. This could lead to a test of the previous support around 0.00000400BTC, which is also in line with the 100 SMA.
Speaking of moving averages, the 100 SMA appears to be making a downward crossover from the longer-term 200 SMA, indicating further downside. However, stochastic is still heading north, which suggests that buyers are on top of their game. Price hasn’t shown any major corrections in the past weeks, which means that a retracement might need to take place before bearish momentum strengthens.
There are no nearby support levels in sight so a potential free-fall might take place in the event of a downside break from the flag pattern. A candle closing below the spike lower to 0.00000195BTC might be enough to confirm the breakout.
Next lows are located at 0.00000023BTC, although psychological support areas at 0.00000150BTC and 0.00000100BTC might still trigger quick bounces.
Intraday resistance level – 0.00000400BTC
Intraday support level – 0.00000200BTC
Charts from CrypTrader.com