KNC - what bear market?
KNC has been pretty much grinding up when everything else has been dying. I'm fairly sure this coin has a good future ahead and could potentially be very profitable due to its total supply. It's not very hard to pump it.
It's been respecting fib levels really well, however people seem to be trading the start of the impulsive move rather than the absolute lowest point of the wick.
I am including two charts. Left chart represents how I would normally draw fib retracements. Right chart is adjusted for the price action where people anchor retracement levels to the start of the impulsive move, rather than the absolute bottom.
If you are interested in trading the regular fib chart on the left, entry would be around the 2.39 - 2.42 area.
if you want to trade the adjusted fib on the right, your entry would be around 2.56 - 2.59 area. It already bounced from here but it's very likely it will do another retest short term. I would not set limit orders but instead observe this coin for a while to see how it's behaving around 2.56 - 2.59.
The yellow lines represent how I envison what the candles will look like in the coming 2 days.
Please manage your risk. Trade safe!
It's been respecting fib levels really well, however people seem to be trading the start of the impulsive move rather than the absolute lowest point of the wick.
I am including two charts. Left chart represents how I would normally draw fib retracements. Right chart is adjusted for the price action where people anchor retracement levels to the start of the impulsive move, rather than the absolute bottom.
If you are interested in trading the regular fib chart on the left, entry would be around the 2.39 - 2.42 area.
if you want to trade the adjusted fib on the right, your entry would be around 2.56 - 2.59 area. It already bounced from here but it's very likely it will do another retest short term. I would not set limit orders but instead observe this coin for a while to see how it's behaving around 2.56 - 2.59.
The yellow lines represent how I envison what the candles will look like in the coming 2 days.
Please manage your risk. Trade safe!
Trade active:
Bottom entry on daily open was at 2.54, roughly 1.2% error margin. Good enough for me!