KSM is currently correcting like all the market and will present a good buy opportunity at the support line of this massive ascending channel.
The support line at $75 is likely to hold as we will be at the channel support, 50 Moving Average support (in yellow) and local support line as indicated by the Fib level.
Therefore buying anywhere under $80 up to $70 seems like a good idea.
If we break the channel down, then we may fall to low $50, but I find that unlikely unless BTC crashes to 20k or so.
Make sure to set limit buy orders to catch any wick if you are confident in this idea!
One area of concern is the weekly timeframe where we have a massive bearish divergence on RSI. Hard to say how this will resolve.
Like and follow if you liked this idea!
The support line at $75 is likely to hold as we will be at the channel support, 50 Moving Average support (in yellow) and local support line as indicated by the Fib level.
Therefore buying anywhere under $80 up to $70 seems like a good idea.
If we break the channel down, then we may fall to low $50, but I find that unlikely unless BTC crashes to 20k or so.
Make sure to set limit buy orders to catch any wick if you are confident in this idea!
One area of concern is the weekly timeframe where we have a massive bearish divergence on RSI. Hard to say how this will resolve.
Like and follow if you liked this idea!
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