KSM has formed a bullish descending wedge structure that should begin to consolidate sideways and then breakout to the upside considering we are above the 0.5 Fib Retracement line which is where you look for bullish chart patterns for a continuation of previous trend which is up.
The other noteworthy chart pattern a trader should look for is Hidden Bullish Divergence - which we have found on the 4H chart.
Also - something positive to see is that a previous descending wedge with Hidden Bullish Divergence occurred in February which had a consolidation period before breaking up near 70% of the pattern completion which we are at now in the current descending wedge pattern.
The other noteworthy chart pattern a trader should look for is Hidden Bullish Divergence - which we have found on the 4H chart.
Also - something positive to see is that a previous descending wedge with Hidden Bullish Divergence occurred in February which had a consolidation period before breaking up near 70% of the pattern completion which we are at now in the current descending wedge pattern.
Comment:
The wedge can be redrawn to fit the latest dip - KSM looks to be holding this area well and it seems btc could pump soon as smart shorts have begun to cover leaving only dumb money retail shorts left... the smart shorts are getting out b/c they know what is about to come next in BTC. BTC shorts are still at a record 2021 high, but they are not as high as they were a couple days ago when they were 110% higher than the previous 2021 high on May 19th. Now they are only 47% higher - my thinking is that these are the smart shorts covering now b/c they know market makers are about to move this much higher.