Komodo (KMD) Potential Outcome

BITTREX:KMDBTC   Komodo / Bitcoin
Some notes on what I see on a 1D chart for KMD:

- There was a clear bounce off of the diagonal resistance line which validates the trendline .

- A bearish-cross was made around the 11th of February and we are still trading below the baseline ( bearish af for the meanwhile)

- Notice how the convergence line (blue line) and the baseline (red line) have deviated away from each other. I expect some sort of consolidation in the short run which will bring those two lines back to normal levels.

- If price bounces off the diagonal support, this may indicate that the 5th wave has finished it's course.

- Still trading below the kumo cloud and haven't had a retest of it since February 17th. We shall see how price reacts to that level once it reaches.

- If Bitcoin goes any lower in the next few days, I believe most Alts will follow, including KMD . This will validate lower lows.

- RSI is also showing oversold levels as well, let's see how much lower this can go.

I am no expert nor a financial advisor. I am merely practicing some new indicators I've learned as of recent. Please be diligent with your research before making any investment. Always remember to protect your capital!
Thanks for the schedule. Are you sure that the panting will end at 0.00027? thanks for the answer
tculia nick.0dev
@nick.0dev, I chose that as a potential landing point since it would touch the diagonal support line. In all honesty, I can't accurately predict where it will land before it reverses, but it is a good metric to focus on previous support lines as major psychological points. I would keep an eye out on 0.0002250 and 0.00018524 since they make clear support lines. These can be considered safe entry/exit points for many traders using this metric.
+1 Reply
tculia tculia
@tculia, or this could all crash and burn to the ground, but I highly doubt that considering the potential of blockchain technology in the long haul.
+1 Reply
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