KAVA Price Analysis 29/07/2020 (Chart Request)
Hello again everyone!! This is the 2nd chart request of abidemiademok21.
Aside from Cardano, he also wanted me to analyze KAVA so I would like to share it to you guys. 😃
For this one, we are looking in the daily chart of KAVA against Bitcoin.
This crypto also had its massive move from May 2020.
It surged upwards to a mind blowing 690% in just a couple of months.
That is really a huge price movement.
It broke its strong resistance of 19,000 satoshi and shoot upwards with strong momentum upto 38,000 satoshi area.
For me, this already have a blow off top so that means I will be quite cautious in participating with this one.
As we can see in the red arrow. That is a humongous daily red candle with a long wick above.
That indicates a really strong rejection in that price and an overwhelming sellers that stepped up.
After that, we can also see that the following candles also had long wicks above.
That is really not a good indication because it tells me that the buyers can't defeat the sellers already.
The good play execution that we could have done here is to participate in the restest of the resistance now turned support of 19,000 satoshi.
But it seems the bounce play is already executed by the ptice.
It is also a confluence to the 50 daily moving average.
If you really want to participate with this one, you can still wait for a retest of the current support.
The potential profit for this can also be upto 50% if it successfully bounce.
If you want some chart requests or want me to analyze some crypto or asset, just comment below and I will post it next.
Thanks!😃
Till next time guys and gals,
Cheers!! 😃
Disclaimer: This is not a financial advice and for educational purpose only.