$KNC
$KNC/USDT – SHORT
Trade Plan:
Entry: 0.1640 – 0.1685
SL (Stop Loss): 0.1756 (Above the previous resistance zone)
TP1: 0.1540
TP2: 0.1480
TP3: 0.1375 (Major support level)
Why this setup?
Momentum Loss: The price has experienced a sharp rejection after hitting a high of $0.2000. The current price is trading below the Supertrend ($0.1704), which is a sign of a bearish trend.
RSI Alert: The RSI is currently at level 42 and is moving downward, indicating that buying pressure has ended and sellers are gaining control.
MACD Signal:
The MACD lines have crossed below and the histogram is creating a red bar, which signals that the price is likely to move further down.
Volume: There was a volume spike at the time of rejection, which is bearish confirmation.
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