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Hello my superb friends!! 😀
This is you friendly neighborhood Lj for your daily dose of price analysis of interesting cryptos. 😀
For this section, I would like to discuss in the current move and situation of Kyber Network or KNC against BTC.
This is a great crypto to watch based on the current movement.
As we can see this is already in a 52 week high area.
Meaning it already surpassed the highest price within the 1 year range, and this is a great indication.
This also already obvious with the price action because the buying pressure is just enormous and just keep on breaking the new highs.
We can also see in the white boxes that it makes a new box every time it pushes higher price.
This is a very good pattern to use.
We can buy at the breaking point of the box or at the pullback in the lower part of the box.
The price that I am looking at here that is good to long is in the 16,000 Satoshi area.
That would be a really good place to accumulate and can have a good risk to reward.
The cut loss also can be very defined and easy to have because its very clear that once this breaks, it can really have a big move down and a reversal so better safe than sorry.
We can also sell half at the upper part of the box in the 20,000 Satoshi area and sell the other half if it breaks in the higher prices.
As always, be safe in your investing and trading ventures.
Stay healthy and happy everyone!! 😀
Cheers!! 😀