KAVA - Retrace in bear leg / Technical double bottom at 1.5 EUR
Updated
KAVA is in a really good place for small retrace as technically we reached double bottom at ~1.5 EUR. The target is around 1.7 EUR. The SL should be around 1.47 EUR. Overall this is a very good R2R place to open long with SL of course.
Why now?
1. KAVA went down with nearly 17% and that is another indicator that a retrace should happen anytime soon.
2. KAVA has problems with liquidity which means that if you put a limit order it can get filled/sold in 1 wick around 1.7
3. BTC seems on the trendline, so don't expect immediate drop from here
Summary:
Entry - 1.5
Target - 1.7
SL - 1.47
Good luck!
Why now?
1. KAVA went down with nearly 17% and that is another indicator that a retrace should happen anytime soon.
2. KAVA has problems with liquidity which means that if you put a limit order it can get filled/sold in 1 wick around 1.7
3. BTC seems on the trendline, so don't expect immediate drop from here
Summary:
Entry - 1.5
Target - 1.7
SL - 1.47
Good luck!
Note
Trade is active and it is doing quite well. 1.6 EUR is the first resistance zone and if this is being taken out then 1.7 is near.Trade closed: target reached
Last evening the target was reached t 1.7+
For me personally the trade was with 14% profit.
Now as KAVA is looking good, I will be looking for another opportunity in short term.
I would like to see a good trendline to trade or some range that can be predicted with SL ofc :)
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