KCSUDT going for the 1D MA100 test, 1st time since April!
The KuCoin token (KCSUSDT) continues to trade within a very steady Channel Up pattern since the July 03 low, having turned the 1D MA50 (blue trend-line) into a Support for the past 13 days. This is the longest since the end of the Bull Cycle in 2021.
The next Resistance is the 1D MA100 (green trend-line), which could make contact with the price just above the 0.618 Fibonacci retracement level of the long-term Bearish Channel that KCSUSDT has been trading in since the December 01 2021 All Time High (ATH). The 1D MA100 has been unbroken since April 29 and as you see on the chart, it has had 4 clear rejections within 2022 already. As a result a closing above it will be a major bullish continuation signal, targeting the 1D MA200 (orange trend-line).
This is quite likely to happen on the long-term, considering that the MACD on the 1W time-frame is about to make a Bullish Cross for the first time since October 22 2021. On the short-term however the 1D RSI has been rejected inside an 8 month symmetrical Resistance Zone so it is more likely to see a test of the 1D MA50 as a Support, before the 1D MA100 breaks.
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The next Resistance is the 1D MA100 (green trend-line), which could make contact with the price just above the 0.618 Fibonacci retracement level of the long-term Bearish Channel that KCSUSDT has been trading in since the December 01 2021 All Time High (ATH). The 1D MA100 has been unbroken since April 29 and as you see on the chart, it has had 4 clear rejections within 2022 already. As a result a closing above it will be a major bullish continuation signal, targeting the 1D MA200 (orange trend-line).
This is quite likely to happen on the long-term, considering that the MACD on the 1W time-frame is about to make a Bullish Cross for the first time since October 22 2021. On the short-term however the 1D RSI has been rejected inside an 8 month symmetrical Resistance Zone so it is more likely to see a test of the 1D MA50 as a Support, before the 1D MA100 breaks.
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