Potcoin: Time to Exit this cash crop?
The reasoning that lead me to sell and call the top on BCY is the same reasoning I think Potcoin (POT) is now officially over extended. Looking at the purple support trends on the chart we can see it has shifted up 4 times, this is always the parabolic segment of the market. I also see 3 main price waves and then the current blow off top, this is always an indicator of a market in need of a correction. The recent top just tagged an upper FIB extension and the price is miles away from the moving average on the chart too.
Could POT keep pumping? Well, of course it can, but if I was holding I would be selling, walking away, and not worrying about it at all. If you really feel attached to the market then buy the dip, but for goodness sakes don’t let the profit get past you if you are still holding.
The most perplexing thing about this POT bull market is that it is happening at all! All of the hemp based coins were a big let down in April and there is no news out that could push any of these markets right now. The only thing I can think of that could even be remotely applicable is that POT is attached to an outdoor growing business. Or perhaps they are developing a business relationship with one? That would be the only logical reason for a legit POT bullmarket. Why? If they were forging new relationships then what we are seeing is a pump in price prior to the outdoor harvest season. The news would come out and the price retreats, typical crypto stuff. That theory is if this is a legit bull market, knowing crypto it isn’t, but……stranger things have happened.
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