Hi everyone, quick analysis on Kyber Network :)
Trading within a longer term wedge pattern (in blue) and seeing a gradual decline over the past week (as with all other altcoins).
This tells me that the altcoins are generally in the oversold zone and edging at their lower threshold. Some key levels to watch for are 0.00017 and 0.00013 as points of key support/resistance based on historical patterns.
My take is that if KNC were to rollover downwards from the blue support trend, the next lowest level of support would be 0.00013. For those greedy folks you might want to wait this out. However, for those not wanting to miss the boat on this opportunity, i'd say the Risk-to-Reward Ratio is still favourable.
How i would play this:
I'd go long at the 0.00016 - 0.00017 range with a 30% stop loss at 0.00012, with different exit levels as indicated. The pivotal point is KNC to break the overhead resistance trend (blue), following this i i'd use key Fibonacci to project my exit levels.
If im feeling really greedy, i might watch for the RSI to kiss the 30 mark - then again, there is no perfect level so i'd suggest a buy zone and not specific levels
Happy trading :)
*Not financial advice*
Trading within a longer term wedge pattern (in blue) and seeing a gradual decline over the past week (as with all other altcoins).
This tells me that the altcoins are generally in the oversold zone and edging at their lower threshold. Some key levels to watch for are 0.00017 and 0.00013 as points of key support/resistance based on historical patterns.
My take is that if KNC were to rollover downwards from the blue support trend, the next lowest level of support would be 0.00013. For those greedy folks you might want to wait this out. However, for those not wanting to miss the boat on this opportunity, i'd say the Risk-to-Reward Ratio is still favourable.
How i would play this:
I'd go long at the 0.00016 - 0.00017 range with a 30% stop loss at 0.00012, with different exit levels as indicated. The pivotal point is KNC to break the overhead resistance trend (blue), following this i i'd use key Fibonacci to project my exit levels.
If im feeling really greedy, i might watch for the RSI to kiss the 30 mark - then again, there is no perfect level so i'd suggest a buy zone and not specific levels
Happy trading :)
*Not financial advice*