KNCUSD approaching its All Time High
Kyber Network (KNCUSD) has been trading within a Channel Up since the January 06 low, supported by the 1D MA50 (blue trend-line). Since April 08, it has been struggling to break emphatically above the 4.4000 Resistance. That was the level where April 10 and May 07 2021 made a Double Top and rejected the price back to the 1.1000 Support.
The current Channel Up seems to be quite similar (so far) to the one that led to the April/ May 2021 Double Top rejection. Its invalidation level then was on the last Higher Low of the Channel Up. On the current pattern, that level is around 2.8000. A break below it, would most likely start a correction towards the Support Zone. As long as the price is above the invalidation line, we are most likely to test the 6.1000 All Time High of January 2018. A weekly closing above it will then target 9.0000 (1.5 Fibonacci extension).
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
The current Channel Up seems to be quite similar (so far) to the one that led to the April/ May 2021 Double Top rejection. Its invalidation level then was on the last Higher Low of the Channel Up. On the current pattern, that level is around 2.8000. A break below it, would most likely start a correction towards the Support Zone. As long as the price is above the invalidation line, we are most likely to test the 6.1000 All Time High of January 2018. A weekly closing above it will then target 9.0000 (1.5 Fibonacci extension).
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.