KSM has been in this ascending channel for the past month, and is arguably one of the relatively less correlated tokens in response to previous BTC drops. KSM has also been very popular among the Crypto community. I believe its apart of the Polkadot Ecosystem, dyor.
From a technical standpoint this would be a great time to re-enter or add positions. Price had a strong bullish impulse and high volume candles rejecting the bottom of the trend-line.
Reasons not to enter...yet:
1. In previous TL touches, price has tested the area multiple times before appreciating.
2. Looking at my previously drawn Fibs from the start of the month, Price is between -27 and -61%, a safe area to enter would be after a strong close above and support above -61%. While it may cut potential profits...preservation of capital to trade another day.
3.We had a series of strong bearish high volume candles. Many short term buyers are probably thinking of taking profit.
Let me hear your thoughts, previous Kusama analysis linked.
From a technical standpoint this would be a great time to re-enter or add positions. Price had a strong bullish impulse and high volume candles rejecting the bottom of the trend-line.
Reasons not to enter...yet:
1. In previous TL touches, price has tested the area multiple times before appreciating.
2. Looking at my previously drawn Fibs from the start of the month, Price is between -27 and -61%, a safe area to enter would be after a strong close above and support above -61%. While it may cut potential profits...preservation of capital to trade another day.
3.We had a series of strong bearish high volume candles. Many short term buyers are probably thinking of taking profit.
Let me hear your thoughts, previous Kusama analysis linked.
Trade active
Note
First target met. Current price action suggests a reversal. Will be wise to protect some profits.Note
With the profit still running, and a break at the top of the TL. The re-test may be a good point of entry for another leg up. I will keep this post updated as the candles print.
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Disclaimer
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.