Zooming into the 4H, we see a few interesting things developing.
There could be a potential bull flag in the works (pair of orange lines).
There is a head and shoulders pattern (yellow) that did NOT breakdown therefore we see a break in the opposite side. This is pretty common, when you expect a break down and it doe not come, usually a breakout of the same magnituted but different direction will occur.
There is also an inverse head and shoulders pattern (green) that seems to be developing so that looks like another bullish chart pattern forming.
The MACD has been crossing back and forth but you can see that it is slowly increasing across the histogram. It currently has crossed bullish as the bulls hope to maintain this momentum.
The RSI has also been picking up. You can see the low of each RSI Bounce has been slowly increasing which could indicate mroe and more buy side action.
As I said in my previous post on KNC (Daily chart), I am looking for an opportunity to enter into KNC. I may start layering at/around the 12 EMA (teal), as it has proven to be reactive as resistance so I'm hoping it will react as support on the way up.
Once again,
THIS IS NOT FINANCIAL ADVICE OR RECOMMENDATIONS. I AM MERELY POSTING MY OBSERVATIONS FOR SELF-EDUCATION
GL CryptoFam
There could be a potential bull flag in the works (pair of orange lines).
There is a head and shoulders pattern (yellow) that did NOT breakdown therefore we see a break in the opposite side. This is pretty common, when you expect a break down and it doe not come, usually a breakout of the same magnituted but different direction will occur.
There is also an inverse head and shoulders pattern (green) that seems to be developing so that looks like another bullish chart pattern forming.
The MACD has been crossing back and forth but you can see that it is slowly increasing across the histogram. It currently has crossed bullish as the bulls hope to maintain this momentum.
The RSI has also been picking up. You can see the low of each RSI Bounce has been slowly increasing which could indicate mroe and more buy side action.
As I said in my previous post on KNC (Daily chart), I am looking for an opportunity to enter into KNC. I may start layering at/around the 12 EMA (teal), as it has proven to be reactive as resistance so I'm hoping it will react as support on the way up.
Once again,
THIS IS NOT FINANCIAL ADVICE OR RECOMMENDATIONS. I AM MERELY POSTING MY OBSERVATIONS FOR SELF-EDUCATION
GL CryptoFam