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marktiu

KAVA BREAKS POC AND RETESTING AS SUPPORT

Long
Kava / TetherUS PERPETUAL CONTRACT (BINANCE:KAVAUSDT.P)  
marktiu Updated   
BINANCE:KAVAUSDT.P   Kava / TetherUS PERPETUAL CONTRACT
Chart Patterns Trend Analysis Technical Indicators
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chartpattern trendanalysis indicator
We see KAVA break out of its past resistance and retesting 1.53 as support, which is not only the POC, but also the 1.618 fib extension level.

If KAVA is to continue to the upside, the next level to reach is the 1.65, which is the 2.618 fib extension level.
Comment:
This update goes out to usefulApple18545's request:

We are going to quickly look at the weekly timeframe.
based on the past weekly candle close (shooting star), KAVA is still bearish.

We can deduce that bears intend on keeping price down.

snapshot
Comment:
My first scenario for KAVA would see price move towards the descending TL, retest as support, along with VAL, then a bullish reversal to the upside.

Please see chart below:

snapshot
Comment:
My second scenario:

VAL and descending TL is broken, therefore, invalidated as support.

one main level of possible support would be the weekly at 1.2701.
This level is from Dec 28, 2020.

Please see chart below with bars pattern included:

snapshot
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