KCS/USD - Breakdown under $21 on bearish market sentiment!😪

KCS had an attempt to break above the $23 resistance, but the buy pressure was not sufficient to make it happen. This quickly turned into a fakeout as price fell under the ascending triangle (in blue).

Key support: $20, $16
Key resistance: $23, $28 ( ATH )

The market turned bearish on Tuesday when both ETH and BTC took a downturn that continues today. KCS was unable hold off this sell pressure and was pushed back down towards its support at $20. Today, KCS also broke below the ascending triangle (in blue) that was discussed in my last KCS idea. This makes a test of the $20 support very likely.

Technical Indicators:

Volume: Volume increase yesterday during the sell-off. This is a bearish sign and today's price continued lower. Unlikely for this to change until KCS reaches the key support.

RSI: The daily RSI has been falling in line with price and it is unlikely to curve back up until price holds above support.

MACD: The daily MACD just did a bearish cross today. This is likely to be confirmed when the day closes if buyers do not show up soon.

Bias

The bias for KCS is bearish. Hopefully buyers will return at the $20 support, otherwise, price can fall to $16.

Short-Term Price Prediction for KCS

The current price action as well as the MACD have turned bearish for KCS. It is unlikely that KCS can rally on its own considering current market conditions. The most likely scenario is for the current correction to continue. KCS has good support on the $20 and $16 levels which can provide a good base to stop this downtrend.

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