So I've been observing KNC for weeks now, it has had a great run. Since the beginning of the year it pullled out a +350% and rose steadily but now it's about to breakdown a rising wedge and not a normal one, it's a very steep wedge as you can see on the daily chart
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The bearish DIV are visible on every oscillators I've checked, here you can see just OBV, RSI and MACD but it was present even on MFI, the signal is clearly bearish. The most significative is OBV, such strong DIV isn't to be ignored.
I do not indicate a precise entry price for the short because I when I short I usually use low timeframes (15min and even 5min) but you can use EMA 200 and my wedge's bottom line as indicators of the broken trend.
My target is that by "book" so use my supports to create your strategy, on the long run I think this might go down much more than 22% but when you short you should try to enter at the right moment and make the maximum in the less time. Use stop loss because market is bearish now but because of all the dupming sometime you see sudden pumps.
Unfortunately I'm currently using kucoin where I can't short this but I wish you good luck.
The bearish DIV are visible on every oscillators I've checked, here you can see just OBV, RSI and MACD but it was present even on MFI, the signal is clearly bearish. The most significative is OBV, such strong DIV isn't to be ignored.
I do not indicate a precise entry price for the short because I when I short I usually use low timeframes (15min and even 5min) but you can use EMA 200 and my wedge's bottom line as indicators of the broken trend.
My target is that by "book" so use my supports to create your strategy, on the long run I think this might go down much more than 22% but when you short you should try to enter at the right moment and make the maximum in the less time. Use stop loss because market is bearish now but because of all the dupming sometime you see sudden pumps.
Unfortunately I'm currently using kucoin where I can't short this but I wish you good luck.
Comment:
so far everything is going according to my signal and price has broken down already