🔥 KuCoin Token 2-Year Falling Wedge: Patience!
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KCS has been falling since late 2021. The token held up fine initially, but the real pain started after April 2022 where it started trading a lot weaker compared to Bitcoin and BNB.
This prolonged period of bearishness and relative weakness has most likely to do with drying up volume on all exchanges, small exchanges especially.
Nevertheless, there might be a light at the end of this dark tunnel. Falling wedges are classically bullish reversal patterns, so we are looking for a break out in the next few months.
KCS is not ready for a break out yet. I think we still have to trade within this pattern for a couple of months before a real break out can happen. Will come back to this trade by then.
For now, I think we can (in the long-term) move back to the all-time high around 28$. This, combined with a stop below the pattern's support will lead to a great risk-reward trade.
KCS has been falling since late 2021. The token held up fine initially, but the real pain started after April 2022 where it started trading a lot weaker compared to Bitcoin and BNB.
This prolonged period of bearishness and relative weakness has most likely to do with drying up volume on all exchanges, small exchanges especially.
Nevertheless, there might be a light at the end of this dark tunnel. Falling wedges are classically bullish reversal patterns, so we are looking for a break out in the next few months.
KCS is not ready for a break out yet. I think we still have to trade within this pattern for a couple of months before a real break out can happen. Will come back to this trade by then.
For now, I think we can (in the long-term) move back to the all-time high around 28$. This, combined with a stop below the pattern's support will lead to a great risk-reward trade.
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