Today's chart – KMD BTC – consolidating at range/structural support. Price holding support validates a long trade to technical targets above.
Points to consider:
- Key level
- 21 EMA visual guide
- Oscillators oversold
Trading at its long-term range support; proceeding a stark correction. Price needs to hold support to form a bullish bias.
Further price action and trend continuation will allow the 21 EMA to act as a visual guide; a trade management tool assisting in defining risk. An S/R flip of the 21 EMA will further support the bullish bias.
The RSI is trading near oversold conditions indicating weakness in the immediate market. Stochastics are reaching oversold conditions and may remain oversold for some time, however, a valid buy cross will indicate momentum shifting on the macro time frame with stored momentum to the upside.
Overall, in my opinion, KMDBTC needs to hold support at this level for a long trade to technical targets above and risk defined below support.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Key level
- 21 EMA visual guide
- Oscillators oversold
Trading at its long-term range support; proceeding a stark correction. Price needs to hold support to form a bullish bias.
Further price action and trend continuation will allow the 21 EMA to act as a visual guide; a trade management tool assisting in defining risk. An S/R flip of the 21 EMA will further support the bullish bias.
The RSI is trading near oversold conditions indicating weakness in the immediate market. Stochastics are reaching oversold conditions and may remain oversold for some time, however, a valid buy cross will indicate momentum shifting on the macro time frame with stored momentum to the upside.
Overall, in my opinion, KMDBTC needs to hold support at this level for a long trade to technical targets above and risk defined below support.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!