Kusama $KSM Possible Scenarios - 1D

There are 2 possible scenarios for Kusama ($KSM) that could play out:

1) KSM has formed a Head and Shoulders pattern on the daily timeframe . A confirmation of this would be a breakdown below the neckline level of ~$290. This would mean KSM would slump further. Note: The head and shoulders pattern on the OBV has already played out.

2) KSM could find support around the current level of ~$300. This, coupled with a reversal and a break of the OBV S/R level of ~3.25M could propel KSM to its former highs of ~$530 based on past patterns beginning in early March 2021. If this happens, price is expected to move according to the yellow squiggly line. This may give a possible return of 60%+.

Please note that this is not financial advice but merely an idea.

Twitter: @TraderLH
Comment: $KSM scenario 2 from the above idea was invalidated. A short opened according to scenario 1 would currently be in ~30% profit.


Twitter: @TraderLH