KNC/BTC KYBER NETWORK -1D- CHART H+S Neckline backtest? Or dump?
Updated
INVERSE Head and Shoulders pattern confirmed and neckline was broken and is in process of confirming. A bullish engulfing candle would solidify (on above average volume) that this has legs. Given the market sentiment on alts being extremely favorable as well as the BTC.D head and shoulders being confirmed, I would think this chart has a lot to say for KNC 3x-BTC valuation happening. The only thing about this pairing is on the weekly MACD chart - is it topping out or just revving up for a much higher evaluation despite the bearish convergence from it's last pivot high? (marked on this chart as 0 fib node). we shall see. put in a stop loss just below the neckline if worried.
Good Luck!
Good Luck!
Note
not zero fib node - instead edit that to the pivot high of the 1 fib or .0021818 valuation.Note
Confirmation is up in the air. can go either way, but considering the BTC.D chart still hasn't fallen to it's measured move on BTC dominance weakening, this thing may recover and launch via bullish engulfing candle. This is what we are waiting for. expecting this within the next two days.Trade active
15k sats is the golden pocket. I wouldn't expect much more than that even though the measured move of the structure is 15.9k sats. REASON? 15k is the top of the golden pocket (.650 fib line) and is a powerful resistance area for trader supply lines. Asset and move intact and performing well. higher highs and higher lows.
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