KCS/USD - Bearish Cross Warning! KCS under Pressure!

Kucoin Token (KCS) just made a bearish cross on the 3-day MACD. This is a major warning that the current uptrend may come to a halt soon.

Key support: $17, $15
Key resistance: $26

Price is currently still above the $21 level, however this will likely not last due to the bearish momentum that is currently building up. If buy pressure does not return soon, then price will likely fall to the next key support at $17. The key resistance still sits at $25.

Technical Indicators:

Volume: Weak volume in the past few days and the price action shows this as bulls struggled to keep price above $21. This is bearish.

RSI: The RSI has made lower highs even as price made a new all-time high at $28.7. This is a bearish divergence which may empower bears to take control of price in the near term.

MACD: As already indicated, the moving averages on the three day timeframe did a bearish crossover. This is a major warning sign that a reversal in the trend may be taking place, at least in the near term.

Bias

The bias for KCS is mildly bearish at this time. If price falls and closes on the daily timeframe under $21, then KCS is likely to test the lower support level found at $17 and $15.

Short-Term Price Prediction for KCS

If the bearish crossover on the MACD is confirmed, then KCS is likely to fall under $20 and search for new support. Once the bulls find their footing again, the uptrend can resume. Until then, the short term bias remains bearish.