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Cryptocurrency
by Seth Parker on August 2, 2018

Populous (PPT) Analysis – Three resistances in one place

Third coin of the day is the Populous and this is the first time that I am talking about this crypto. Why this one today? Well, the key for today’s round of analysis was the biggest daily drop. Populous is one of the biggest losers today among the biggest cryptos on the market.

The situation here is bearish and luckily very technical. Why luckily? Because, when the price is respecting the technical analysis principles, the movements are more predictable and our work is more reliable. PPT is in the descending triangle pattern, which is promoting a further decline. What is most important here is that most recently, the price bounced from the place, where we had three important resistances at once. First one was the mid-term up trendline (red), which was newly tested as a resistance. Second one was the long-term down trendline (green) and the third one was the horizontal resistance around the 6 USD (yellow).

PPT chart

PPT bounced from that area yesterday and today we do have a continuation of this movement, which can be perceived as a confirmation. The sentiment is negative and in the next few days/weeks, we should see the further decline.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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