Friends, please hit the LIKES to encourage these publications. Between Mod duties and my own trading it is not easy to post. I will do my best to update, or post new plot if this changes.
Kyber Network Coin recently added to Coinbase. Thus the spike which looks like so many others. "One Spike Wonder"? or will make another push?
This coin has been around for quite some time. Last big spike was after the addition to Binance. Since then it just melted away, like so many alts.
Now it has gotten a boost from US retail market. Will Coinbase population buy and hodl this coin? Or will whales pump it then dump it as usual?
The numerous zones are needed for gauging strength. Plus the amplitude of the spike caused many ripples. Of interest is which zones react in which manner.
$ 0.8034 - 8093 is the Decision (neutral) zone. Break and Retest could launch the next leg. Currently looks like bears have control of it.
$ 0.7475 - 7539 bounce would be Ultra Strong bullish. $ 0.6916 - 6962 is the Minimum Expected retrace level. $ 0.6705 - 6710 looks Likely to be Hit, possible bottom.
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Nice Ping
Very nice bounce on the "Strong Bull" zone
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Zoom IN (1 min) beautiful acknowledgement of the zone, Now heading towards the Decision Zone.
Another reason to think this could bounce on 1 min: this fib looks pretty tight. 4.236 is a very common end of a wave. Especially when the 2.618 has reacted.
Stop Loss at Break Even now https://nowhttps://www.tradingview.com/x/pRwO5uup/
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Stop Loss at Minor Profit now, hiding behind a strong fib (4.236)
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That dark blue fib above, now put into context of original plot I had expected we go to the thick dotted line below at .6075 and still might. But the Dark Blue fib gave a nice Ping on its 4.618 after a clean ping and bounce attempt at the blue 4.236 just above.
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uh oh ran into fib of next order higher
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Might add a wee bit if we come back to the blue 4.236 and show some signs of bounce
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Thus endeth our Knife Catching excercise: SL at minor profit hit.
Oh well, worth the try, covered fees and spread and cleared a wee bit of profit. Will keep watching tho, really looking like it wants to bounce.
Cascading through the zones At least it is recognizing each one. That means sooner or later it WILL come to rest on A zone. Which zone I never know, so I draw all interesting ones, and watch the reactions to confirm or deny each zone.
So we are pretty much at the bottom of the acceptable uptrend retrace. But I gotta admit this pne is in danger of slow decay to the nether worls :(
The more I look at this bounce, the more it looks like an ABCDE I think ABCDE rather than a 12345, because the waves are overlapping. 12345 really should not have overlaps. ABCDE almost always have overlapping waves.
So time to become very CAUTIOUS. This could drop an ANY moment. UNLESS we get past 80 cents and confirm as support.
Seems some action is happening. @EuroMotif Do you think its going up to decision zone ?
Thanks for the analysis
EuroMotif
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@bmvl, HI, was offline for a bit.
I sure would like to see it get back to the decision zone.
First step will be to hold .6705, a key line. We just went above it, now hopefully a retest and continuation...