KCS/USDT Breakout and strong retest of 14.8$. Where can we go?🚀Intro:
- KuCoin evolves into one of the big competitors of Binance, FTX and Coinbase.
- Often times Coins are listed earlier on KuCoin than on other major trading plattforms.
- The current marketcap is around 1 billion which is much smaller than the marketcap of the main competitors.
Daily chart:
- Price shows an upwards breakout of the very large consolidation wedge. Additionally we see a retest of the 14.85$ resistance which turned to support.
- Volume starts to rise which is a bullish sign.
- RSI analysis shows a bounce back of the red 80 line. The orange line on the other hand now seems to act as support.
- Support lines are at 14.85$, 9$ and 6$. The borders of the wedge can act as support as well.
- Resistance lines are at 19.5$. Once we pass this we are in price discovery mode together with Ethereum and many other coins. The sooner the better.
Expectation:
- We expect to see further price appreciation until the end of this year. KCS has to close the distance to its main competitors.
- The 14.2$ did not last long and so shouldn't the 20$ line.
- End of year prediction: We will see a 50$+ KuCoin before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone . Check the description.
