KNC - King of Bear markets went ATH. What's next?
** When I published this idea the boxes didn't show what they imply. The upper box is supposed to represent a level to enter. The lower box is where your SL should be just in case. It's roughly 6% risk
Market's volume has been pretty bad. Despite that, KNC has been showing a very strong move upwards and even cleared previous ATH yesterday. A few things to consider:
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Personally I prefer relying on fib levels but I must admit that I don't think KNC has really started retracing yet after yesterday's movement. There's quite potentially forming a bullish flag:
In that case it could bounce up and down for another cycle before continuing upwards. The next 4h candle will probably move BB SMA level towards 3.61~ level too.
The risk of trading here
In my opinion, 3.61$ is a logical place to enter into a long. The risk of trading here is that you are opening a position near previous ATH.
The price action on weekly is very strong and shows potential for a breakout beyond previous ATH. Just consider that, since we're near ath, a rejection from this level could be quite devastating:
I honestly don't believe this is likely since weekly is showing signs of continuation.
Fib extension
For my own entry I used this fib extension to determine where the first leg up would be (3.4926$). this played out well. I haven't closed my position yet and I think I need to re-evaluate extension fib on a different time frame, but I thought it would be useful to include these levels since they played out before.
Hope this helps! Trade safe.
Market's volume has been pretty bad. Despite that, KNC has been showing a very strong move upwards and even cleared previous ATH yesterday. A few things to consider:
- Kyber team has been working together with a few other projects, AVAX being a strong one. If this momentum keeps going, this might have a positive effect on KNC's value
- Opening a position near ATH is usually not a good idea. I'm personally bullish, but I would wait for a real retracement before entering, even if it means missing out.
- KNC is a coin with low total supply. In comparison to some other coins, it's not very hard to push. tip: easy to pump also means easy to dump. Manage your risks.
- We're in the weekend right now. Fib levels might not get respected.
==========
Personally I prefer relying on fib levels but I must admit that I don't think KNC has really started retracing yet after yesterday's movement. There's quite potentially forming a bullish flag:
In that case it could bounce up and down for another cycle before continuing upwards. The next 4h candle will probably move BB SMA level towards 3.61~ level too.
The risk of trading here
In my opinion, 3.61$ is a logical place to enter into a long. The risk of trading here is that you are opening a position near previous ATH.
The price action on weekly is very strong and shows potential for a breakout beyond previous ATH. Just consider that, since we're near ath, a rejection from this level could be quite devastating:
I honestly don't believe this is likely since weekly is showing signs of continuation.
Fib extension
For my own entry I used this fib extension to determine where the first leg up would be (3.4926$). this played out well. I haven't closed my position yet and I think I need to re-evaluate extension fib on a different time frame, but I thought it would be useful to include these levels since they played out before.
Hope this helps! Trade safe.
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