KNCBTC (KNC Kyber Network Token Exchange) Get Ready!!!
KNCBTC 2018-0423 8:50 p.m. EST. MMansfield
Quickly before this moves:
Hi trader friends, KNC is being attracted to the critical resistance of 1.618 x’s Wave (1) up, shown by the black horizontal line right where the blue pitchforks upper resistance line is. This could possibly be a Wave C top area, but likely not because of the recent acceleration typical of Impulsive Wave 3’s (Impulse = trend, not a correction). Because of the recent Wave's acceleration, after a test of this 1.618 resistance area, then another degree Wave 2 pullback, a potentially explosive Wave 3 of (3) could unfold. Breaking the green pitchfork's lower line could negate the bullish view (meaning it was a Wave C top, but again, less likely right now.
breaking the upper blue pitchfork, would likely run-up to 0.00029-0.00030, the roughly 2.618 price extension of the Wave 1 or Wave (A) up. Conversely, breaking the “dashed horizontal red support trend-line” would be a potential sell signal.
TIP: Markets often reverse at the upper or lower pitchfork lines, as well as the center-line called the Andrew’s or Schiff Median Line, depending on the style of pitchfork being utilized and dominant market structure and wave pattern (if determinable) at the time of analysis. Unless KCN reverses right here at the short-term red pitchfork, then this token’s price will likely seek out the blue pitchfork’s resistances lines (R1).
Elliott Wave Pattern: If I remove the "candlestick wicks," I can often see and understand the wave structure better. But it is very hard to tell what the smaller wave are with many of these little markets in with the wicks showing. What happens to cause that? Big orders can disrupt the market causing spikes, especially in the new relatively thinly traded c y p t o s. It tends to be that way in new virgin markets until they have a year or two of cycles and patterns. Moreover, the charts data can look very different depending on the brokerage firm. The long candlestick wicks can skew the wave counts and patterns so I often run analysis with and without wicks. Then the picture can be clearer without wicks but the the pitchforks look like they are drawn wrong. This is not something I am used to with futures and FX.
Perhaps I'll post a longer-term chart tomorrow so you can see the big air above.
ABOUT KYBER NETWORK:
Kyber network is an on-chain protocol which allows instant exchange and conversion of digital assets and cryptocurrencies with high liquidity. (See Reddit link provided below)
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Quickly before this moves:
Hi trader friends, KNC is being attracted to the critical resistance of 1.618 x’s Wave (1) up, shown by the black horizontal line right where the blue pitchforks upper resistance line is. This could possibly be a Wave C top area, but likely not because of the recent acceleration typical of Impulsive Wave 3’s (Impulse = trend, not a correction). Because of the recent Wave's acceleration, after a test of this 1.618 resistance area, then another degree Wave 2 pullback, a potentially explosive Wave 3 of (3) could unfold. Breaking the green pitchfork's lower line could negate the bullish view (meaning it was a Wave C top, but again, less likely right now.
breaking the upper blue pitchfork, would likely run-up to 0.00029-0.00030, the roughly 2.618 price extension of the Wave 1 or Wave (A) up. Conversely, breaking the “dashed horizontal red support trend-line” would be a potential sell signal.
TIP: Markets often reverse at the upper or lower pitchfork lines, as well as the center-line called the Andrew’s or Schiff Median Line, depending on the style of pitchfork being utilized and dominant market structure and wave pattern (if determinable) at the time of analysis. Unless KCN reverses right here at the short-term red pitchfork, then this token’s price will likely seek out the blue pitchfork’s resistances lines (R1).
Elliott Wave Pattern: If I remove the "candlestick wicks," I can often see and understand the wave structure better. But it is very hard to tell what the smaller wave are with many of these little markets in with the wicks showing. What happens to cause that? Big orders can disrupt the market causing spikes, especially in the new relatively thinly traded c y p t o s. It tends to be that way in new virgin markets until they have a year or two of cycles and patterns. Moreover, the charts data can look very different depending on the brokerage firm. The long candlestick wicks can skew the wave counts and patterns so I often run analysis with and without wicks. Then the picture can be clearer without wicks but the the pitchforks look like they are drawn wrong. This is not something I am used to with futures and FX.
Perhaps I'll post a longer-term chart tomorrow so you can see the big air above.
ABOUT KYBER NETWORK:
Kyber network is an on-chain protocol which allows instant exchange and conversion of digital assets and cryptocurrencies with high liquidity. (See Reddit link provided below)
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Trade active:
Now that KNCBTC (Kyber Network) has pushed past the blue pitchfork's upper resistance line, which was my minimum target, the next correction lower will likely NOT hit the lower green pitchfork support line. Rather, the correction will more likely stop at either the same blue pitchforks upper resistance line, perhaps as support now, or drop the the green pitchforks top line (also formerly resistance) or the green forks median line, which is the thinner middle line of the green fork.
Since it is upward sloping and intersects with the blue fork, that would likely be supper strong support should it get there.
Finally, this move is clearly text book Elliott Wave 3 action, as suspected would happen, due to the acceleration of the wave and the much steeper slope of this leg up. Who says Elliott Waves do not work? Nothing is perfect, but if you want to be a great trader, consider a deep dive into Elliott Waves and NeoWave (Glenn Neely's addition to Elliott Wave Theory). MM
Since it is upward sloping and intersects with the blue fork, that would likely be supper strong support should it get there.
Finally, this move is clearly text book Elliott Wave 3 action, as suspected would happen, due to the acceleration of the wave and the much steeper slope of this leg up. Who says Elliott Waves do not work? Nothing is perfect, but if you want to be a great trader, consider a deep dive into Elliott Waves and NeoWave (Glenn Neely's addition to Elliott Wave Theory). MM