yes, it may be true it has "bounced strongly each time the pps...

yes, it may be true it has "bounced strongly each time the pps has dropped below 10c" but it does not validate this level as support nor does it constitute a valid trading strategy. The lows that end up in reversals back up above 10c have variations away from the 10c level of 25%, and even between those lows, there is a 20% variation. There is no telling when or if it will bottom below 10c, except for using the 65 ema (or the trendline) that it has found support at each time when dropping below 10c. Currently the 65 ema is sitting at 10.5 so a further drop below 10c would not only invalidate the ema as support, a failure to quickly find itself back above this ema would put it in a technical downtrend in my opinion. As slick has recently stated, a break below 10.5c is no good here (keeping in mind that simply touching or going under this level is fine for the meantime as long as price quickly gets back above)