Hello traders 🐺 .
this idea is about the ALTCOIN trade ( 2 ) but this is a mid term trade .
As you know I like to start with the weekly time frame so let's start :
In the chart above we can see that KCS is inside a weekly descending channel and this movements is normal in the market specially after a bull market , in the other words we call this movements as price correction , personally I like to use this corrections as buy opportunity but it's also important to find the best entry and recognize the pivot points in the market .
As you might see in the weekly chart we have a very big wick below the weekly support structure and also below the 0.618 Fibonacci level to test the lower trend line of this descending channel ; but why I'm saying this point ?
Because it's very important to wait for the candle closure and don't rush into the market for the sell or to buy , usually when we saw this big wick below an important support or resistance level , we could find that there is lots of people who fall into the whales trap and got liquidated or because of expectation for the lower price targets they start to panic sell or buy .
As you can see in the chart , KCS is clearly above the weekly support structure ( red box ) and hold above the 0.618 Fibonacci level , and just test the 0.786 which is in alignment with the weekly trend line ; I think there is strong chance for the KCS to goes higher and complete it's bullish moves and if price hold above the current low at the 0.786 Fibonacci level and break this channel to the upside the next target could calculate like the below picture 👇 :
this idea is about the ALTCOIN trade ( 2 ) but this is a mid term trade .
As you know I like to start with the weekly time frame so let's start :
In the chart above we can see that KCS is inside a weekly descending channel and this movements is normal in the market specially after a bull market , in the other words we call this movements as price correction , personally I like to use this corrections as buy opportunity but it's also important to find the best entry and recognize the pivot points in the market .
As you might see in the weekly chart we have a very big wick below the weekly support structure and also below the 0.618 Fibonacci level to test the lower trend line of this descending channel ; but why I'm saying this point ?
Because it's very important to wait for the candle closure and don't rush into the market for the sell or to buy , usually when we saw this big wick below an important support or resistance level , we could find that there is lots of people who fall into the whales trap and got liquidated or because of expectation for the lower price targets they start to panic sell or buy .
As you can see in the chart , KCS is clearly above the weekly support structure ( red box ) and hold above the 0.618 Fibonacci level , and just test the 0.786 which is in alignment with the weekly trend line ; I think there is strong chance for the KCS to goes higher and complete it's bullish moves and if price hold above the current low at the 0.786 Fibonacci level and break this channel to the upside the next target could calculate like the below picture 👇 :