ninjacookies
Long

KEY/BTC Descending Wedge breakout? Possible ~90%+ gains

BINANCE:KEYBTC   None
KEY/ btc has been in a depreciating pattern since it's breakout nearly 2 months ago. It's been one of the few alts not to have undergone an upsurge over BTC's recent rally. It may be due, though that's not a logical method of reasoning in the trading world, so we go by charting fundamentals.

We have a few cues into a "possible" descending wedge breakout to the upside.

1) oversold conditions on the daily
2) first sign of a bullish divergence in 2 months
3) ema's posturing away from a strong downward slope

Though the volume is less than optimal, KEY has never really exhibited glaring volume signals prior to a large pump.

Green box indicates the accumulation zone.

Yellow lines indicated profit targets.

A close above 20 satoshis would be a strong indicator that the structure may have been broken.

Stop loss should be placed at 14 satoshis.

This is a high risk trade, as BTC is very volatile at the moment. This is not financial advice.
Comment: BTC making a move. Wait for the accumulation zone, as this may drop to 14 satoshis before another bounce.
Comment: Looks like the breakout didn't happen, as the trendline was respected. 14 satoshis will be a very important support zone. If it doesn't hold then I'll be staying away until further notice.
Comment: It appears as though price action has broken outside of the descending wedge. After making a local low of 15 satoshis, it has performed a mini rally to 19. A daily close above 21 satoshis confirms a reversal and more continued gains.
Trade active: Got the close we needed, right on time. Hopefully slight consolidation then a close above 27 satoshis.
Comment: Want to remain optimistic, but it's now lost the 200ema on the daily. Bitcoin making a run at 10k, and the Key whales seem to want to keep prices at bay. Daily close below 18 satoshis would invalidate this idea.
Comment:
The big boom is coming soon. This is the clear beginning of a new uptrend with a higher high and higher low. Volume picking up a bit too. Anticipating a move that hits on or near 33-34 satoshis within the coming days/2 weeks.

Comments

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