The price action of Populous (PPT) / Bitcoin is moving in a down channel and hitting the support of channel in the meanwhile it is also hitting the support of Bollinger bands.
The formation of this channel was started on 25 Aug 2019 and during this period this is the second hit on the channel support with more than 5 touches of the candle sticks.
The moving average convergence divergence indicators is giving bull signals by turning weak bearish from strong bearish.
Stochastic has also given bull cross from the oversold zone which is very strong bullish signal and Relative Strength Index (RSI) is completely oversold and the value of RSI is 29.56
And there is a golden cross formation expected as we can see on day chart the simple moving average with time period of 50 is crossing up the simple moving average with time period of 200 which can lead to a very strong bullish rally and the price action can again hit the resistance of this channel so this bullish move has capacity to give more than 51% profit if we buy it here on this support, however the stop loss should be this support in case of complete candle stick closes below this support.
Regards,
Atif Akbar (moon333)
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