Cryptocurrencies

KNC technical analysis

KNC seen from the temporality of 1W we can see how the structure of candles has formed a double floor pattern as a sign of reversal of trend on the diagonal support, indicated within the chart above by the diagonal dark blue, in the chart I have enclosed by an oval yellow series of candles prior to the current candlestick with strong volume, the best entered was in the zone of demand located at 0.00001870 indicated within the above chart by the lower horizontal black color, the current candle is finding resistance in the supply zone located within the price range of 0.00002461 – 0.00002560, if we achieve the closing above that zone, we should have a next impulse towards our first profit target located within the price range of 0.00003075 – 0.00003341 indicated within the above chart by the two upper horizontal black color.

KNC seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price has maintained a correct movement over the area of demand, the current candle has tested the area of supply, we need a close above and confirmation to continue above, otherwise, the price could fall before the possible break, we see in the previous movement as the price has tested the resistance of the figure indicated within the chart above by the diagonal red color, this was a good confirmation that pushed this series of candles to the testing of the price range of 0. 00002461 – 0.00002560.

In conclusion, KNC also presents a bullish scenario that should have no trouble outbidding and moving towards our profit target located within the price range of 0.00003075 – 0.00003341, the current movement could continue to be driven without regression, but it would be advisable to wait for the closing of the current candle in 1D and see the reaction of the price in 4H to confirm the next movement, we must be very attentive to that price action not to stay out or to find our best entry position, the price must keep the diagonal dark blue that has been working as a support to have continuation of the opposite, the price would go in search of a new LL, always remember to place their stop loss in each operation to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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