POWR longs - trade perspective

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POWRBTC

With BTC -0.41% apparently in a bullish trend is time to plan for long positions in alts and also because POWR is one of my favorite and most traded coin.
POWR is not at its most attractive price(the best entrance was between 6000 and 6500) but on a long perspective I see it at least 2:1 ratio reward even if you choose to buy in now.
When taking long position I use daily time frame when possible because it give me the best preservative for a long position.
It seems we are enfolding the starting of the third wave, the RSI sits at around 45 points which supports long trades, giving a lot of room for investors to buy into. DMI is also supporting longs, we don't see yet great volume coming but as we know first wave is all about accumulation and building up for long trades. We know that third wave is usually the longest and can give a very nice reward if both at the right time therefore I'm considering buying up to 10% of my portfolio giving the about comments. Why I said considering, there is still room for correction therefore I'm thoughtful in jumping in without some more signs like bigger volume and a more stable BTC. Be aware that is relative to BTC, it might turn around and go down again.
My first target which is already anticipated to be hyped is around 18000 satoshi, why because of the partnership with North America and giving some more good news I can expect hitting higher targets like 21000 or why not 25000 satoshi. Everything is possible in this markets and we need to be prepared for what market is throwing at us.
As in any other relative long position I'm planning to hold my position and lock-in some profit on the way up on the third wave. It should be noted that you could potentially sell on a third wave and buy back on the forth wave, which usually I don't do. What instead I do if good news come around I buy smaller position during the forth wave and sell during the fifth wave but that is more of a short term trade rather than long, taking advantage of the market condition at that time.
I will keep updating while the market is enfolding the price.

This is not financial advice just my own opinion and you should do your own research before investing into this asset.

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ملاحظة

It seems we are going to retest the down trend which on the other hand is a good opportunity to accumulate for the long trade. If the trend hold I'm going to buy some.

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As mentioned in my previous post the sell off is putting presume on any resistance left. We could see POWR at 6000 satoshi which actually is a great opportunity for accumulation, I will certainly buy more, start buying from 6500. If you look on smaller time frames you will notice couple of bearish engulfing candles which is not a surprise. I don't see any sign of rejection yet or a bounce to the upside but as we progress lower the buy pressure will become greater, and signs of reverse will eventually starting to show up. We are oversold on RSI on 4h chart, the MACD is building momentum to the upside, the sell on smaller time frames it seems to be decreasing . The reload zone I drown is a demand zone that need to be fulfilled.

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We are way into the reload zone I was mentioning in my last post. It seems to have found a support at 6200 level, RSI way oversold on 4h chart, we have some week signs or reversal but hopefully some more buyer will come and the sell off has stopped for now. Very good price for accumulation. It can go lower but in my opinion not very much unless BTC has a huge bull run but not sure is going to happen with the resistance around 12500.

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Still going down slowly and as BTC is running either up or down we are going to see POWR going down even more. It seems that the current price at 6000 is still way to expensive and cannot sustain its value so I expect the price going down towards 4500 - 5500 range which is also called demand zone. It has a better chance to revers from there then at current price of 6000. Couple of reasons why? the RSI will be oversold, MACD would have built some momentum for the upside.

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More info about the current situation. The movement towards demand zone also coincide with the 0.786 Fib and the ABC correction I drown on the above chart. Historically if we look and compare the previous two bull runs and previous correction the market claimed 100% from previous all time high so would be not a surprise to me that we are going to see something similar with this correction. That would mean that the price can get as low as 2500 - 3000 satoshi. Now that would be a great buy opportunity.

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Update: The current down trend could go lower, as low as 4500 satoshi. Good place to accumulate for a long trade even if it goes lower. I don't expect POWR to go lower then 4500 unless BTC is crashing again.

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Update: no need for any comments.

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Update: Possible scenario