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KCS/USDT Broader consolidation wedge is forming. Buy opportunity for KUCOIN:KCSUSDT by tumbler55

Intro:
– KuCoin evolves into one of the big competitors of Binance, FTX and Coinbase.
– Often times Coins are listed earlier on KuCoin than on other major trading plattforms.
– The current marketcap is around 1 billion which is much smaller than the marketcap of the main competitors.
– It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations.

Daily chart:

– KCS failed to break through the 15$ line and crashed together with the whole market.

Currently price is near the bottom of the consolidation wedge .

– The RSI declines and probably finds support around the mid 30’s.

Volume keeps decreasing which is in line with a extended consolidation.

– The 200MA is currently slowing down the downfall. Staying close is critical to not drop down even further.

(The following description is taken from last discussion.)

– KCS touched the 20$ line during April 2021 which is very close to the ATH which is around 21$.

– Afterwards KCS dropped hard back to even 5$ and currently consolidates to make another major upwards move.

– Trading volume decreased during the last 6 months and only saw spikes which coincides with a consolidation phase.

Expectation:

– The overall market crash comes most likely mainly from China fud and therefore is not considered to be “normal” price action.

Due to that as well to all the on-chain data we see this as great buy opportunity and expect the price to recover and continue to go higher.

Basic rules:

– Never buy the top/ ATH

– Take profit as long as you can (also partial profit is profit)

– Use Stop/loss for leveraged positions

– If you are not experienced, don’t leverage in the first place

Enjoy the ride and don’t be too greedy.

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We would love it if you could share your thoughts in the comments.

Discussions are very welcome here.

Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.

Cheers

ps.

Chart explanation:

Main lines:

– Green lines are tested support lines.

– Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.

– Cyan line is for volume trendline.

– White lines are Fibonacci retracement levels

Helplines:

– Purple lines are trendlines we take a look at.

– Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.

– Yellow lines are for visual help only.

Boxes:

– Either entry zone or support zone . Check the description.

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