KNC seems to be bouncing up and down in this area and ignoring the rest of the market ( to a certain degree ). We are still on track to 4 dollars by April 30th. I see 2 possible scenarios play out.
Bullish scenario. We bounce off support again and break up and out of this bull flag following the parabolic line that I've drawn some time ago ( linked ).
Bearish scenario. We break the support and thus the parabolic line ( Green line, See the previous post ) This could happen if bitcoin doesn't manage to hold on and crashes into oblivion ( which would be extremely bad news ).
Note : Keep in mind that if we do bounce off the purple support line you will need to keep a close eye on it as there might be a small bounce before breaking bearish and falling through the support line so keep your stop loss in place.
A few things I'm worried about.
1 : the state of the traditional financial markets right now.
2 : the MacD on the daily chart is going to tick to the bearish side when we fall down to the purple support line again.
3 : Bitcoin is very close to its historic support line which means that if it breaks the markets will go full-on supper bear.
Trade carefully. Have a good day.
Bullish scenario. We bounce off support again and break up and out of this bull flag following the parabolic line that I've drawn some time ago ( linked ).
Bearish scenario. We break the support and thus the parabolic line ( Green line, See the previous post ) This could happen if bitcoin doesn't manage to hold on and crashes into oblivion ( which would be extremely bad news ).
Note : Keep in mind that if we do bounce off the purple support line you will need to keep a close eye on it as there might be a small bounce before breaking bearish and falling through the support line so keep your stop loss in place.
A few things I'm worried about.
1 : the state of the traditional financial markets right now.
2 : the MacD on the daily chart is going to tick to the bearish side when we fall down to the purple support line again.
3 : Bitcoin is very close to its historic support line which means that if it breaks the markets will go full-on supper bear.
Trade carefully. Have a good day.
Yorum:
Just some explanation on why I dont think we will break out right now. it's because of the intensity of the selloff at 89 cents that makes me think we will have one more elevator down.
