KAVAUSDT
Updated
TOP DOWN ANALYSIS FOR KAVAUSDT
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On the daily timeframe, we can spot a head and shoulders which the neckline has been broken and retested twice and price has not made any strong bearish move since then. Instead, it has been resting on a major support zone.
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On a 4 hour timeframe, we have seen that a confirmed downward trendline accompanied by a fake out had been broken and made a strong bullish move before coming to retest it again on the support zone. It is now clearly seen that market has been in range since September till date.
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Because of the strong bearish formation we have on the daily and the bullish formation we have on the lower timeframes, we would look forward to get a short term buy within the range while looking forward to sell long term when price breaks the support zone price is currently resting on.Note
I would wait patiently for price to break the first and second resistance line then the upper resistance zone before going bullish while having proper risk management at hand. I would suggest having a take profit before the major resistance zone in the range.
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