Hello traders!
Today looking at the $KMD chart on Binance for a mid term setup.
This time with 4 potential targets with up to ~115% profits.
Links to $KMD:
https://coinmarketcap.com/currencies/komodo/
https://komodoplatform.com/
https://bitcointalk.org/index.php?topic=1605144.0
And now to the chart!
https://www.tradingview.com/x/fRFqcLUK/
Daily chart of $KMD.
First to point out what is marked with the 3 pink lines, higher lows every time the price neared 550 satoshi this year.
Another thing that deserves attention is the volume around those levels which seems to start going up suddenly at the same low levels.
Those 2 things in combination give a hint that the bottom (or at least temporary one) might be reached and the price might be getting ready for a runup.
On 597 satoshi is the first marked line, this time it's just an extension of the 0.236 fibline to show how it played as a resistance for about 2 weeks recently, as well as further in the past (just look left).
This line where support is to be expected in case of a retrace down from the 700 satoshi level we are at right now.
The first target would be somewhere in the range of ~920 to ~965 satoshi, this area as you can notice played a strong resistance throughout 2020 and also has the 1.618 fibline residing within it at 992 satoshi. This one, if hit, would give around 30% profits
At about 1160 satoshi with the 2.618 fibline at 1157 and a resistance line close by, this area is prime as the 2nd target potentialy banking ~55% on the position given an entry at current price!
The third target, aiming at close to 100% profits, is around 1400 satoshi.
Once again, a fibline and a resistance line, this time derived from way back in December 2018 when it has played a strong support role.
The fourth and final target is just a shy ~15% over the third one, giving a potential profits of 115%.
Around 1550 satoshi we have yet another resistance (support in 2018) line and the final, 4.236 fibline, making this the final target for this setup.
Hope you can use today's setup for your advantage!
Wishing everyone profitable trading and good luck in the markets!
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This post is NOT financial advice or any kind of recommendation, nor is CryptoChartArt/ozchartart licensed to give one!
It is a personal opinion and view on the chart!
Intended for entertainment purposes only!
Regards, OZ