KCS/USD - Rally to $11 or crash to $6? 🙄
With the market at a junction, this may be the calm before the storm as volatility has been lacking for the past few weeks.
This consolidation will likely lead to a massive breakout one way or another. In the case of KCS, we have some conflicting signals.
There is a massive bullish divergence on the RSI looking at this 3-day timeframe, but price could continue down before it starts to rally.
Should the support at $8 fail, then KCS will likely fall to $6 before it can start a recovery. But forming a local bottom above $8 is also very possible as sellers seem to be somewhat exhausted.
A reversal here should not be excluded, but that depends on BTC and ETH as market leaders.
Should the price manage to turn around, then hitting the resistance at $9 and $11 would allow for a nice relief rally.
KCS would need to make a higher high to invalidate the ongoing downtrend. For that, the price has to hit $17 and above. This looks unlikely now.
The bias based on this price action is neutral, but can quickly flip one way or another. Wait for a clear breakout before taking position.
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This consolidation will likely lead to a massive breakout one way or another. In the case of KCS, we have some conflicting signals.
There is a massive bullish divergence on the RSI looking at this 3-day timeframe, but price could continue down before it starts to rally.
Should the support at $8 fail, then KCS will likely fall to $6 before it can start a recovery. But forming a local bottom above $8 is also very possible as sellers seem to be somewhat exhausted.
A reversal here should not be excluded, but that depends on BTC and ETH as market leaders.
Should the price manage to turn around, then hitting the resistance at $9 and $11 would allow for a nice relief rally.
KCS would need to make a higher high to invalidate the ongoing downtrend. For that, the price has to hit $17 and above. This looks unlikely now.
The bias based on this price action is neutral, but can quickly flip one way or another. Wait for a clear breakout before taking position.
Like and follow if you liked this idea!
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