RhaonnorCrypto

KNC Reversal Update & General Info

Short
KRAKEN:KNCUSD   Kyber Network / U. S. Dollar
As I said in my previous two TAs KNC showed strong signs of a bearish reversal. One more sign has added; this of the fakeout.
“In this report I will explain some crucial issues, most novice traders ignore and lose money and time. “
Fakeout is one of the most dangerous bullish or bearish signs and if you are unable to deal with them you can lose a significant percentage of your investment. It's a complicated signal, i will explain it further in a new report.
Divergences (like volume , ROC , RSI ) are NOT timing indicators. This means, f.e., if you find out a ROC bearish divergence in monthly charts, price may raise even for years before the reversal occurred. Use them only in conjunction with other indicator, news, fundamentals etc.
Also like ANY other signals like MACD cross overs; it is not 100%. Why? Because trading is probabilities.
In our example why volume divergence and local supply at $4. 40 was strong bearish signs?
1) KNC price was rising while altcoins are in bear market since May 2021
2) EVERY altcoin is HIGHLY correlated to BTC and the MOST important of all… KNC is not the exception.
3) Entire market is in fear & uncertainty for over half a year
Those are only a few of all that can affect the price of a crypto asset.
Crypto market is a live entity. It changes over time.

I am completely out of KNC, at an average of $4.91 per KNC.
What if KNC go straight to $30 from here and you are out of the market, like me. It’s simple…. Don’t care. I will reenter the market when and if price reach at least $2.00 or below $1.00 and/or I find bullish signs in fundamentals & technicals at the same time.

Another personal example:
I bought BTC after Covid Crash at $5k and sold them all at $11.5k. (Find the correlations between and Alts.) With that money I bought MANA, SAND, QTUM, IOTA…Do your calculations. 3500% is bigger than 500%.
I did/will do the same with the profits of the KNC. It was the perfect opportunity to sell.
*Think about it … A crypto rallied 400% while the others went to Hell. The perfect opportunity! *

Do not…never ever be a fanboy of any coin, it’s just … money, nothing more. Sold them when the time comes and find a new opportunity with more potential.

Remember trading/investing is probabilities. Find the way to make money even when you are wrong. Always have an entry and exit plan and DO NOT hesitate never to close a position when going against your expectations.

Thanks for reading!
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Not a financial advice. Always do your own research.

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