POWER LEDGER has seen a 81% drop down after its ATH. A quick review of what POWER LEDGER is.
Power Ledger is describes as "a blockchain-based peer-to-peer energy trading platform enabling consumers and businesses to sell their surplus solar power to their neighbours without a middleman."
Age 7 mos
Marketcap (current) $125.61M
Price (USD) 33.64 cents
Price (BTC) 4397 sats
24hr Change (%) +1.38%
24hr Trade Volume $4.35M
All Time High $1.79
All Time High Date 2018-1-4
% down from ATH 81.21%
POWER LEDGER ROI
1 week 1%
1 month -41%
3 months -43%
6 months -52%
Power Ledger created a total of 1 billion POWR tokens in Q3 2017, of which 350 million were sold to the public.
Another 248.5 million POWR were allocated to a 'growth pool' which will 'gift or discount' tokens to Utilities or 'Application Hosts' over time.
An additional 250 million POWR were allocated to the 'Power Ledger Escrow' account for 'future use', 150 million went to the developers and founders, and the remaining 1.5 million were allocated to a bounty campaign.
After seeing a heavy drop to the down side 81%, POWRBTC has maintained some sort of stupport levels and forning some bullish signal to move back up.
To check the price trend, the ichimoku cloud setting and the chart pattern will be used to analyse this.
THE CHART PATTERN( COMPLEX HEAD&SHOULDERS BOTTOM)
A complex head-and-shoulders bottom is a chart pattern that looks like an inverted head-and-shoulders but with multiple heads, multiple shoulders, or sometimes both.
The break even failure rate is low and the performance is good from this chart pattern.
PREVIOUS PERFORMANCE RESULT:
Break even failure rate: 4%
Average rise: 39%
Throwback rate: 63%
Percentage meeting price target: 74%
Price trend Downward leading to the pattern.The Shape looks like A head-and-shoulders bottom with multiple shoulders or multiple heads but rarely both.
The shoulders should bottom near the same price, be nearly the same distance from the head, and look similar to their mirror opposite.
Volume is Usually higher on the left side of the pattern. Trends downward 65% of the time.
The pattern confirms as a valid one when price closes above a down-sloping trendline or above the right armpit when the neckline slopes upward.
Target is the 1.414fib retracement level, which is height from the NECKLINE down to the head.
anothr likely RS could come out, but shoulder be completed at the 0.236 or 0.382fibonacci retracement level.AS SHOWN BELOW:
Lastly, the ICHIMOKU CLOUD SETTINGS.
On the four hours time frame, price is still showing an inverted head and shoulders but not a complex head and shoulders bottom( which has two shoulders on both sides and two heads)
The Ichimoku Cloud uses four metrics to determine if a trend exists; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross, Lagging Span (Chikou), and Senkou Span (A & B).
The status of the current Cloud metrics on the four hours time frame with doubled settings (20/60/120/30) for more accurate signals is bearish; price is below Cloud, Cloud is bearish, TK lines are moving close to cross bullish below the cloud, and the Lagging Span is below Cloud and inside the price.
The possible trade set up tht will likely happen the EDGE TO EGDE TRADE which is currently flattened out with a flag cloud at the top of the cloud which is always 0.5fibonacci retracement level.
When price break the cloud resistance into the cloud and closes inside it, there is high probability tht price will touch the uppoer flat cloud.
Technicals suggest that POWER LEDGER chart is looking slightly bullish and will consolidate more at this level as the remaining right shoulder is completed.
SELL:0.00005000sats up to 0.00005495sats
STOP LOSS: 0.00004305sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.