KNC/BTC Trade Setup. Bullish Div. on RSIBullish Divergence on the RSI... higher lows, and yet the price has stayed about the same. Big resistance at 6k, but after that we are clear until 7.4k.
Kyber Network Credits (KNC) has spiked to that level twice already on kucoin.
So that is where I would place the first profit target, around 7.4k satoshis.
A good stop-loss would be 5k satoshis, but that's up to you. I set alerts for certain price levels rather than stops, so I can analyze the situation instead of being auto-stopped out of a trade.
As for longer term profit targets, we could realistically hit the 9-10k satoshis range. Typical practice is to sell half at the first target, and hold 25-50% for future targets.
Very important...! I know little about this coin KNC fundamentally, so it is automatically a high risk high reward trade for me. I put a small bag in this coin, 2% of my portfolio, with a 60% sale target at 7.4k sats.
I wish I had more time to do research on setups like this, but for the time being I am incredibly busy.
Thank you, and good luck traders!
