$KNC | Kyber Network Possible Mid-term BUY Opportunity!Hi,
Happy New Year fellas, wishing best of luck with your trades. ;)
I know guys, this scenario may seem like a dream especially during these difficult days of the market. However let me finish my analysis. I determined a pretty decent buy area. If Bitcoin doesn't do anything wrong, the KNC price could reach those two target in mid term.
Cup and Handle Formation is the first thing that attracts my attention when I started to analysis this chart. The Cup and Handle Formation is a chart figure, which has a bullish potential. It starts with a bearish price move, which gradually reverses. The new bullish move finishes approximately around the top of the prior bearish move. Then the price action begins to create the handle, which is a bearish channel type structure. I marked cup part with red also marked handle part with purple. When I confirm the pattern in 1D graph, I got close to handle part. As you can easily see, the price is likely to break the channel of the handle, initiating a bullish move. This move has two targets. The first target equals the size of the channel during the handle. The second target equals to the size of the cup starting from the moment of the breakout.
There are possible buy signal is generated because the MACD (blue line) crossed above the zero line. When the shorter-term MA crosses above the longer-term MA, it's a buy signal, as it indicates that the trend is shifting up. This is known as a "golden cross." In KYC chart, EMA 9(short-term), 21(mid-term) and 200(long-term)'s crossing positively that shows that bullish trend. Also RSI raised head up.
Last but not least, Parabolic SAR has a great potential in Bullish Trend. Eventually, we see a new bullish SAR dot today.
Target 1: 0.000035
Target 2: 0.00006
Stop-Loss: Below Fibonacci Line
Do your own research and please like, subscribe and share your ideas.
Regards,
Muratcan
