30% plus Correction?
Updated
My call on the breakout was precise. I bought in at .82 and sold everything, Now what? Just be patient if you missed out.
A correction is inevitable no matter how bullish,it is actually constructive for the structure for continuation. The key is where is a "good" buy now?
Well that depends If BTC drops, everything follows.
A key area too look for is the $1.08 area.In my last post I stressed how important this level was for the overall structure of this impulse.
KNC price action has moved so much that EMA's are severly lagging behind on the highertime frames.
KNC has yet to touch a moving average on the daily, and touched the 10 EMA on the 12 hour with a nice bounce. For healthy sustainable growth, I want to see a touch of the 21 EMA on the daily which as of now is at .98, which also was the last HIGH on March 1.
Now where to buy? This is where I will be buying.
1.13-1.08(This is a risky/aggressive buy but is an important pivot in the case for continuation)
1.005-.96(this is where we made the bounce off our last high(with wick) on March1)
.90-.93("Support" made on an hourly chart). THIS IS ALSO THE YELLOW 21 ON THE DAILY.
.81-.87(This range is previous BODY CLOSE highs(no wick) on March1-3)
Best buy is on the Daily 55 ema ( still at .73 as of now but is only going up)
KNC reminds me of XTZ and I do Believe this is only the beggining.
But just like when XTZ made its break from .77 to 1.98 a correction of more than 40% followed to 1.07, Look at it now..
We need KNC to drop in order to really confirm the structure for even further growth, How much it drops is open to interpretation.
A correction is inevitable no matter how bullish,it is actually constructive for the structure for continuation. The key is where is a "good" buy now?
Well that depends If BTC drops, everything follows.
A key area too look for is the $1.08 area.In my last post I stressed how important this level was for the overall structure of this impulse.
KNC price action has moved so much that EMA's are severly lagging behind on the highertime frames.
KNC has yet to touch a moving average on the daily, and touched the 10 EMA on the 12 hour with a nice bounce. For healthy sustainable growth, I want to see a touch of the 21 EMA on the daily which as of now is at .98, which also was the last HIGH on March 1.
Now where to buy? This is where I will be buying.
1.13-1.08(This is a risky/aggressive buy but is an important pivot in the case for continuation)
1.005-.96(this is where we made the bounce off our last high(with wick) on March1)
.90-.93("Support" made on an hourly chart). THIS IS ALSO THE YELLOW 21 ON THE DAILY.
.81-.87(This range is previous BODY CLOSE highs(no wick) on March1-3)
Best buy is on the Daily 55 ema ( still at .73 as of now but is only going up)
KNC reminds me of XTZ and I do Believe this is only the beggining.
But just like when XTZ made its break from .77 to 1.98 a correction of more than 40% followed to 1.07, Look at it now..
We need KNC to drop in order to really confirm the structure for even further growth, How much it drops is open to interpretation.
Note
Knc bounced off first support perfectly, did you buy in?Note
Respecting the 1.08 level, constructive.Note
Now that price action has been sideways , here are you resistanceresistance1- 1.2330
resistance2- 1.2582
resistance3- 1.2861
resistance4- 1.3106
Note
I am seeing Bearish Divergence from 1-12 hours on stochastics. Stoch making lower lows while price action is making higher highs in relation to stochastics not overall price action. A break of 1.2861 will make this idea void.
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