Cryptocurrencies

PPT technical analysis

PPT seen from the temporality of 1D we can see how the price has made a throwback to the resistance previously broken during the movement occurred in October 2019, the price has tested the area very well and the candle is showing a strong momentum of more than 20%, we can also see how the candle is so far above the support located at 0.00005310, indicated in the chart above by the horizontal black color, this is a key level of reclaim, if the price manages to close this way, it is very possible that we will see a next impulse towards our profit target located within the price range of 0.00007213 – 0.00007774, within that area the price could find strong resistance that makes the price fall.

PPT seen from the temporality of 4H, we can observe more closely the current movement of candles, where we see the momentum that has taken the price after testing the diagonal and enter the 1D demand zone, in this chart I just want to show the area of supply located at 0.00006561, indicated by the red horizontal color, this is an important supply level to take into account during the bullish movement, and is usually reversed once reached that level.

In conclusion, PPT shows a clean diagonal test so far, the current candle in 1D has found strong imposed, that if we manage to close above 0.00005310, it is very possible that we have a next bullish movement during the development of the current movement, however, if the price falls below the zone of demand located within the price range of 0.00004372 – 0.00004666, the price could go down in search of the bottom located at 0.00003438, with high probabilities of a greater reversal, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place your stop loss in all your operations to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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