KuCoin Token / KCS had a good opportunity to move above the $21 resistance, but was unable to do so to date.
In its attempt to break above, it also formed a nice ascending triangle represented in blue on the chart.
However, bulls were not strong enough and with BTC falling under $40k (idea below), the outlook is not great.
KCS has broken below the triangle and now price is holding above the $19 support level.
Likely for this level to not hold KCS for long. For this reason the real support that HAS to hold is at $17.
This is because if $17 can't stop this bear market, then KCS may revisit $14 even.
Time will tell. Bias is bearish based on this price action.
Like and follow if you liked my idea! 💪
In its attempt to break above, it also formed a nice ascending triangle represented in blue on the chart.
However, bulls were not strong enough and with BTC falling under $40k (idea below), the outlook is not great.
KCS has broken below the triangle and now price is holding above the $19 support level.
Likely for this level to not hold KCS for long. For this reason the real support that HAS to hold is at $17.
This is because if $17 can't stop this bear market, then KCS may revisit $14 even.
Time will tell. Bias is bearish based on this price action.
Like and follow if you liked my idea! 💪
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Likes and follows appreciated! 🚀