Long
QKC is showing some early reversal signals!
Updated
QKC is starting to look mighty nice from an accumulation perspective.
Currently, it looks to be forming a bullish falling wedge, which is a consolidation reversal pattern. Price has now touched this resistance for the 4th time and looks to be getting rejected again for the moment.
Although price temporarily fell out of the wedge it was quickly bought back up on strong candles, indicating buyers are still fighting for control.
There look to be 4 clear and concise waves downward, with a 5th to go.
MACD is confirming that seller momentum is dwindling via the histogram.
RSI and MACD are printing short term bullish divergence with the addition of higher highs and higher lows also indicating buyer momentum is increasing. I have noted what I believe will be the path of the MACD in the near future.
On January 27th, QKC failed to hold the major bullish trendline which has kept price steadily increasing since it bottomed out in August of 2018. I fully expect that it will become strong resistance in the future, and any break above with subsequent strong candle closes can be considered a very accurate buy signal.
TTM squeeze is currently firing short on the daily which corroborates another potential final low before a reversal. I fully expect that there will be one more retracement wave before any large price movement upwards. What I believe to be the final 1.618 extension lies around 730 sats for a 5th wave.
Accumulation area in my eyes is between 700 and 750 sats. If this range breaks I suspect 600 sats would be the next target area of accumulation.
Good luck :)
Currently, it looks to be forming a bullish falling wedge, which is a consolidation reversal pattern. Price has now touched this resistance for the 4th time and looks to be getting rejected again for the moment.
Although price temporarily fell out of the wedge it was quickly bought back up on strong candles, indicating buyers are still fighting for control.
There look to be 4 clear and concise waves downward, with a 5th to go.
MACD is confirming that seller momentum is dwindling via the histogram.
RSI and MACD are printing short term bullish divergence with the addition of higher highs and higher lows also indicating buyer momentum is increasing. I have noted what I believe will be the path of the MACD in the near future.
On January 27th, QKC failed to hold the major bullish trendline which has kept price steadily increasing since it bottomed out in August of 2018. I fully expect that it will become strong resistance in the future, and any break above with subsequent strong candle closes can be considered a very accurate buy signal.
TTM squeeze is currently firing short on the daily which corroborates another potential final low before a reversal. I fully expect that there will be one more retracement wave before any large price movement upwards. What I believe to be the final 1.618 extension lies around 730 sats for a 5th wave.
Accumulation area in my eyes is between 700 and 750 sats. If this range breaks I suspect 600 sats would be the next target area of accumulation.
Good luck :)
Note
As we can see, QKC is testing extreme resistance. Will it break and hold?Price targets in original idea.
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