Strong support at 5
Kava formed a "W" shape noble bottom, and breaks through the down trend Line as the Green Zone shows from Oct 2.
Now it seems like KAVA is trying to retrieve back 6 dollar level cause there are pretty small trading volume since the break out.
6 can be a level for opening Long position, it is a minor support here.
If 6 level can hold, it can reach further more to the resistance level 7 and 8.
if 6 level can not hold, it will retest 5 level.
5 dollar is a pretty strong support level[/I]
1. we see a lot of trading volume in early Aug green zone area,
2. In the down trend Red Circle area, when the price try to break 5, it pulls back with significant volume
3. when the price break through the trend line there are also big volumes.
These three points make 5 as a strong support, and if the price hit this level again I would buy more, and that might become a triple bottom.
Below 5 is real bearish and will need time re adjust.
Happy Trading
(NOT Financial Advice)
Now it seems like KAVA is trying to retrieve back 6 dollar level cause there are pretty small trading volume since the break out.
6 can be a level for opening Long position, it is a minor support here.
If 6 level can hold, it can reach further more to the resistance level 7 and 8.
if 6 level can not hold, it will retest 5 level.
5 dollar is a pretty strong support level[/I]
1. we see a lot of trading volume in early Aug green zone area,
2. In the down trend Red Circle area, when the price try to break 5, it pulls back with significant volume
3. when the price break through the trend line there are also big volumes.
These three points make 5 as a strong support, and if the price hit this level again I would buy more, and that might become a triple bottom.
Below 5 is real bearish and will need time re adjust.
Happy Trading
(NOT Financial Advice)
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