Kaspa - Bullish
Updated
Kaspa - Bullish. Kaspa has been green in a sea of red this past week, still very bullishon the daily with a healthy pullback.
-Tested the top of the long-term bullish channel which started 11/04/2023.
-Moving with the more recent bullish channel starting 5/1/24.
-Keeping with the long-term trendline with a healthy pullback to 0.18269 (keeping with trendline)
-Pullback from the highs of 0.2078 on 8/2/24, matching up with when it was overbought on the MACD.
-Pullback on 8/2/24 coincided with peak fear on the fear & greed index, coming out of peak greed zone toward neutral 8/3/24.
I think KASPA will hold at 0.1859, or possibly tag the bottom of the bullish channel (which it historically likes to do) at 0.1802 before moving to retest the top part of the long-term channel and advance out of that while in the short-term bullish channel to 0.2233. I especially think this will be the case if the wider crypto market is still bleeding on 8/3/24 when the US session gets started.
Invalidation would be if on 8/3/24 we see a sustained pullback below 0.1802.
-Tested the top of the long-term bullish channel which started 11/04/2023.
-Moving with the more recent bullish channel starting 5/1/24.
-Keeping with the long-term trendline with a healthy pullback to 0.18269 (keeping with trendline)
-Pullback from the highs of 0.2078 on 8/2/24, matching up with when it was overbought on the MACD.
-Pullback on 8/2/24 coincided with peak fear on the fear & greed index, coming out of peak greed zone toward neutral 8/3/24.
I think KASPA will hold at 0.1859, or possibly tag the bottom of the bullish channel (which it historically likes to do) at 0.1802 before moving to retest the top part of the long-term channel and advance out of that while in the short-term bullish channel to 0.2233. I especially think this will be the case if the wider crypto market is still bleeding on 8/3/24 when the US session gets started.
Invalidation would be if on 8/3/24 we see a sustained pullback below 0.1802.
Note
I had a typo, bottom arrow should say, "Hit peak fear 8/2/24" which we are coming out of.Trade closed: stop reached
Here is invalidation of my main thesis. Bears currently in control. KAS hit the bottom of the channel a bit early meaning bulls capitulated a bit. KAS is still in the bullish channel but seeing how price action rejected off the top of the longer term bullish channel, we are now at risk of a deeper pullback on the daily/weekly. It will be interesting to see if the Asian session bulls buy KAS up, or if we see continued selling overnight into Sunday.
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