KNC within a falling wedge pattern with daily bullish div.

KNC/BTC is currently within a falling wedge pattern with daily bullish divergence showing on the RSI and Stochastic. I think we could see it break out pretty hard if Bitcoin and crew can remain stable for a few days. Daily Stochastic is looking to get a bullish cross-over, so we could see KNC run pretty hard if we get the upward momentum going. If we break out, I wouldn't be surprised to see price run up to/near the 100 day moving average around 4500-4700, as it coincides with the top of the falling wedge which is typically where the price will run up to in these type of patterns.

Entry: 3400-3500

Target 1: 3700-3750 (Downward sloping resistance line of the falling wedge, 10/20 day moving averages.)
Target 2: 50 day moving average (currently 3925)
Target 3: 100 day moving average (currently 4632)

SL: 3250

Moving average guide:
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red

-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.

ความคิดเห็น:

Got a respectable drop down after some uncertainty in BTC, but I still think this might be a winner IF btc can hold stable/move up. Little bit of 4 hour bullish div as well that we are seeing play out:

ความคิดเห็น:

Far too much instability in Bitcoin to continue on with this trade. While the setup looked solid, Algo's are very sensitive to BTC price movements.