KMD / BTC - Path to breakout of weekly resistance
KMD appears to be approaching a breakout of its weekly resistance. It made yet another attempt overnight and was rejected.
A strong bearish divergence provides confluence that we may see a move back down towards the bottom of its channel before we make another breakout attempt on weekly resistance (approx ~330-350)
Let's see what happens, this is one of the few relatively well-known alts that hasn't yet broken weekly resistance, and I believe it still has a good chance but may see a bit more consolidation prior to making a big move.
Targets are displayed on the chart, bottom and top of channel, and if and when we get a real breakout of the parallel uptrend here, we could see it go parabolic. This idea is invalidated if we fall below the channel and fail re-entering.
Short term - Short, bottom of channel
Long term - Long, top of channel, and/or much higher if we cleanly break above it
Thanks for your support, please comment and share any thoughts or ideas you may have as well, cheers!
A strong bearish divergence provides confluence that we may see a move back down towards the bottom of its channel before we make another breakout attempt on weekly resistance (approx ~330-350)
Let's see what happens, this is one of the few relatively well-known alts that hasn't yet broken weekly resistance, and I believe it still has a good chance but may see a bit more consolidation prior to making a big move.
Targets are displayed on the chart, bottom and top of channel, and if and when we get a real breakout of the parallel uptrend here, we could see it go parabolic. This idea is invalidated if we fall below the channel and fail re-entering.
Short term - Short, bottom of channel
Long term - Long, top of channel, and/or much higher if we cleanly break above it
Thanks for your support, please comment and share any thoughts or ideas you may have as well, cheers!