KNCUSDT longKNC is forming a pennant pattern, and it is a continuation pattern so we might expect a short term bullish momentum.
It also has a good support of 50 EMA, so if it breaks the resistance of 2.604 followed by breaking out of pennant pattern, than we can long after retest.
Things that can happen after break out of pennant-
1) price might make a Higher high, (We can long at higher low)
2) price might retest 2.604 level or resistance of pennant (We can long at retest)(If volume is good)
3) price might retest 2.760 (Good time to long)
BTCUSDT might take support of 29796 level and give bullish signal, in that case the price of KNC will reach minimum 15%
after breaking out of pennant -
1) price straight up reach to target price(Too late to enter)
2) price forms higher low or retest (Good time to take entry)
3) price might consolidate or build up (Good to take entry when build up is done)
It has formed bullish engulfing candlestick pattern too, so just wait for more confirmations.
volume is good and bullish engulfing so it may no be a false breakout.
price might consolidate(or retest or take pullback) before breaking out
(Don't open any position on wick)
(Don't take trades based on this idea, even I don't trade according to my idea)
(Do your own analysis)
(NOT A financial advice)
(High chances of loss if you follow my idea)
