Kava Lend (HARD) to $2.60

** warning high risk - $85m market capital **

Happy with the risk? Then read on..

Preface: Yes, the volatility is massive right now. This idea was drafted a while back then today happened. Nothing has changed, however. Ignore the emotions, reap the rewards.

On the above 2-day chart price action has corrected 80% since early April. A number of reasons now exist to be bullish, including:

1) The ‘incredible buy’ signal printed in late June.

2) Price action tests the 0.618 Golden ratio for the umpteenth time. This is good! Support on past resistance is very strong.

3) RSI resistance prints a breakout with past resistance now testing as support

4) Bullish engulfing candles - look left - remember this is a 2-day chart. Not a 5 minute, 4hr, 8hr. 2-day. That’s significant.


Latterly on the 2-day BTC pair chart something interesting, in fact something incredibly bullish (chart below):

1) A ‘incredible buy’ signal was printed back in January.

2) A lengthy period of consolidation follows.

3) 360 days of price action resistance is followed by a breakout. This is very similar to recent CTXC idea on the BTC chart.

4) A bullish engulfing candle is printed.

5) On the weekly chart (bottom) a reversal pattern prints. If you’ve been following me you know how excited I feel finding those. If have don't know what I’m talking about, read here:

tinyurl.com/2p9xw8by

5) On the weekly 5 oscillators are currently printing bullish divergence. Fantastic.

6) Lastly on the weekly chart (purple circle) Stochastic RSI crossed up 20. Fantastic squared.

Is it possible price action falls further? Sure.

Is it probable? Very unlikely.

1st target $2.60

WW

2-day BTC pair

Weekly BTC pair

Comment:

Not much has changed since the buy signal. Idea remains valid as price action trades within the consolidation area. A notable bullish divergence between MFI amongst other oscillators is printing with price action on the 2-day chart below.

Order cancelled

Trade active:

Can't be bother writing a new idea... however it might be of interest to some to know past resistance on the daily chart has now confirmed as support.

5hr

2-day

Comment:

A question below about the validity of the original target. It remains valid and has actually increased to the $3.50 area according to the measured extension from the wedge breakout.

5-day chart