Abstract : Komodo will be bullish, considering the descending wedge pattern.
Supporting idea)
1) Descending wedge pattern is a bullish pattern with descreasing amplitude of downward movement of the price.
It has been about 3 years from the ATH, the breakout will be awesome.
2) MACD has higher low, while the price has lower low; It is called divergence and this type of divergence is bullish, showing exhausting bearish trend.
3) KMD/USDT RSI resistances from the previous highs were broken;
I don't use RSI resistance trendline as the resistance in the price chart, of course RSI cannot stay in overbought phase therefore it will go down eventually, but I use this to confirm the change of market trend.
4) recent RSI overbought in KMD/BTC
consideration and warning)
1) Trading with descending wedge pattern might give you false signal; which means that there is possibility that the price cannot make successful breakout. The previous high (08 Jul '19) is good example.
This pattern is huge and had long accumulation time, so you'll know when it makes breakout.
2) KMD/BTC has not shown the RSI resistance broke; and KMD/BTC is much more dominant in Binance.
Therefore I want to confirm the breakout by watching the RSI resistance(KMD/BTC)
Also MACD in KMD/BTC has not entered to the positive zone(though it made golden cross). I want MACD lines(MACD/signal) to be positive.
Trade at your own risk.
XOXO.
Supporting idea)
1) Descending wedge pattern is a bullish pattern with descreasing amplitude of downward movement of the price.
It has been about 3 years from the ATH, the breakout will be awesome.
2) MACD has higher low, while the price has lower low; It is called divergence and this type of divergence is bullish, showing exhausting bearish trend.
3) KMD/USDT RSI resistances from the previous highs were broken;
I don't use RSI resistance trendline as the resistance in the price chart, of course RSI cannot stay in overbought phase therefore it will go down eventually, but I use this to confirm the change of market trend.
4) recent RSI overbought in KMD/BTC
consideration and warning)
1) Trading with descending wedge pattern might give you false signal; which means that there is possibility that the price cannot make successful breakout. The previous high (08 Jul '19) is good example.
This pattern is huge and had long accumulation time, so you'll know when it makes breakout.
2) KMD/BTC has not shown the RSI resistance broke; and KMD/BTC is much more dominant in Binance.
Therefore I want to confirm the breakout by watching the RSI resistance(KMD/BTC)
Also MACD in KMD/BTC has not entered to the positive zone(though it made golden cross). I want MACD lines(MACD/signal) to be positive.
Trade at your own risk.
XOXO.
Trade closed: target reached:
It touched $ 4, which is large enough as the size of wedge.
KMD has potential to go further, since it accumulated(or suffered) for 3 years,
but from now on we need some cooling phase before KMD go futher, and that cannot be achieved by this chart.
I would prefer close the trade.
I did not predict the price and date in this chart.
I would try the target/date from the next chart.
KMD has potential to go further, since it accumulated(or suffered) for 3 years,
but from now on we need some cooling phase before KMD go futher, and that cannot be achieved by this chart.
I would prefer close the trade.
I did not predict the price and date in this chart.
I would try the target/date from the next chart.
4) recent RSI overbought in KMD / BTC
"oversold" will be correct.