KMD - very short term potential profit or drop caused by BTC
Updated
KMD tried to brake the 89k resistance line, got punished for that and dropped several times to 45 area being affected by multiple BTC drops. It held pretty steadily around the 45 which seems to be stable support. It appears to be ready for an imminent breakout. This is my idea of a very short-term potential profit. If you own KMD, I suggest you sell small partials on the way up as there is a chance to see a new all-time-high pretty soon for KMD. Also, take into consideration a potential BTC drop, and you need to set a stop-loss just in case its primary support will fail. Less likely but place a stop-loss to avoid a significant loss.
Note
RSI and OV looking good. The upside potential depends on BTC. If it goes sideways for a while we might see a breakout otherwise, put your stop-losses or just HOLD.Note
So far, KMD is one of the best performing coins during this FUD and potential short-term bear market caused by Tether. Watch it closely, if BTC drops even more but KMD doesn't hit your stop-loss my guess is that it will do a similar move to the one it did after December 11 2017 when it went from 19.000 to over 70.000 satoshi.Important: My analysis is based on BTC. If you look at the USD value chances are that you will panic sell your coins but keep in mind that the entire market is dropping right-now. Reason being only one: BTC.
Note
We are so close to hitting the STOP/LOSS predicted target and BTC, again is not helping much.Traders that suffered small losses (depending on your entry point) will probably cut their losses and will not want to risk more.
Those who bought the ATH already panic sold (at least most of them). If you didn't, you should know that now it is too late in my opinion. There is a high chance to sell the bottom or close to it.
Depending on the market conditions (if Bitcoin drops to at least $6000) I can see it falling and stop around the 30k-35k area.
Sure, there is also a doom scenario where BTC would fall under $3000 and if this happens KMD will go down to its lowest point or even less. However, I don't think this is going to happen.
I will stop updating this as soon as any target is being hit, probably the STOP-LOSS one.
Note
Stop-Loss almost hit but fortunately it bounced. I think it is a good sign which confirm us a strong support around 44k.
The targets are still valid but watch out for BTC.
Trade closed manually
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