1. Price action is currently ranging in a symmetrical triangle pattern as seen on the hourly chart, with 63% chance of breaking to the upside. The measured target is about 1.03 USD. It is also above the daily 21MA, which it has not done since the selloff since September.
2. On the daily chart, there was double bullish divergence and it could be playing out steadily right now, and we will see how far it goes.
The bullish case: price action closes on top of the following moving averages and it will be further confirmation that this is a reversal, as it has not closed on top of these moving averages since the selloff: the 4HR 200, 12HR 50 and the daily 21MA
The bearish case: if price action closes below the 21MA, which will indicate either a delayed reversal or lower price action.
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@CryptoRush_ Thank you, any updates on this one? I see its wavering around the support and it broke below but I still feel KNC will return to bullish soon, what are your ideas? Thank you
CryptoRush_
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@Sledge360, If you switch over to the daily chart now, you can see that we have a double-top pattern apparent. The neckline and support of the pattern is at about 0.85, so breaking below this level will look bad. But the price action can also close above the daily 21MA and 12HR which are all currently at about 0.96 right now, which can be a bullish signal since it has struggled to stay on top of it since the selloff. The main resistance as seen here though is at about 1.06, breaking above this level is another confirmation towards more bullish price action in my opinion.
BakiShirzadi
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Great analysis, appreciate it
TF-Trader141
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It's beautiful. have the same pattern on my chart on the 15min. Appreciate the update. Keep it up!