Despite a good attempt by KCS to rally and move above the key resistance at $21, the overall market turned bearish. This took KCS into a correction.
Price is not found at $19 but this level is unlikely to provide bulls with a lot of relief. A better support will be found lower at $17 should KCS continue to fall.
MACD is about to turn bearish on the 3-day timeframe, which is not good. A cross to the negative side would be a major bearish signal.
Volume remains rather low so sellers are not yet convinced and bulls could try to defend price from falling lower.
However, if BTC continues to fall, it is unlikely for KCS to hold off this sell pressure.
Bias is bearish on this price action.
Keep a close eye on the key levels and be patient.
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Price is not found at $19 but this level is unlikely to provide bulls with a lot of relief. A better support will be found lower at $17 should KCS continue to fall.
MACD is about to turn bearish on the 3-day timeframe, which is not good. A cross to the negative side would be a major bearish signal.
Volume remains rather low so sellers are not yet convinced and bulls could try to defend price from falling lower.
However, if BTC continues to fall, it is unlikely for KCS to hold off this sell pressure.
Bias is bearish on this price action.
Keep a close eye on the key levels and be patient.
Like and follow if you liked this idea!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.