KCSUSDT At the bottom of the 2.5 month Channel Up
The KuCoin token (KCSUSDT) has been trading within a Channel Up since the July 03 low. At the moment, following the September 12 rejection on the 1D MA50 (blue trend-line), the price is at the very bottom zone (Higher Lows) of the Channel Up, a level where it last rebounded on August 29. The current Resistance levels on the short-term are the 1D MA50, the 1D MA100 (green trend-line) and the 0.618 Fibonacci retracement level from the dominant long-term Channel Down that started after the December 01 2021 market Top.
Technically a break below the the bottom of the Channel, targets first the July 03 Low and if we close below it too, then the 0.5 Fib near $7.000. With the 1D MA50 potentially about to cross above the 1D MA100 to form a Bullish Cross, and more importantly the MACD on the 1W time-frame above to form the first Bullish Cross since October 21 2021, the KuCoin token may very well reverse aggressively, even on the medium-term and after breaking the 1D MA100, target the 0.786 Fibonacci level.
Overall KCSUSDT remains one of the best long-term investments in the market not just for technical but also for fundamental reasons I have previously explained.
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Technically a break below the the bottom of the Channel, targets first the July 03 Low and if we close below it too, then the 0.5 Fib near $7.000. With the 1D MA50 potentially about to cross above the 1D MA100 to form a Bullish Cross, and more importantly the MACD on the 1W time-frame above to form the first Bullish Cross since October 21 2021, the KuCoin token may very well reverse aggressively, even on the medium-term and after breaking the 1D MA100, target the 0.786 Fibonacci level.
Overall KCSUSDT remains one of the best long-term investments in the market not just for technical but also for fundamental reasons I have previously explained.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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