KCS/USDT The next big trading platform? Breakout imminentIntro:
- 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.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations.
Daily chart:
- KCS touched the 20$ line during April 2021 which is very close to the ATH which is around 21$.
- Afterwards KCS dropped hard back to even 5$ and currently consolidates to make another major upwards move.
- Trading volume decreased during the last 6 months and only saw spikes which coincides with a consolidation phase.
- On the RSI side we also see a strong consolidation towards the 60 line.
- One can draw an inverse head and shoulders with a breakout towards the 14$ price line.
- Currently KCS is above all MA lines.
Expectation:
- We expect to see an upwards breakout to happen very soon.
- The first target is the 20$ price range but for the end of 2021 we expect to go up higher and therefore into price discovery mode.
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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Discussions are very welcome here.
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.
