Kadena, KDA, deep retrace sets up 100x algo target

another deep one but it's off to a great start. Love the swing failure pattern (SFP) into the 0.707 fib. hallmarks of smart traders accumulation a position before running it in the opposite direction, in this case higher.

the way I see it, the shallower the retrace, the stronger the coin. for example looking at ADA, 0.5 fib was the bottom & that says "strong af". a retrace to .618 - .65 is perfect for this setup (see my other charts) & .707 is deep but fairly common in crypto so its still an excellent risk to reward trade.

See linked BTC chart for why my charts are so bull.


The Trade:

• Preferred Entry: $0.77 or a 0.168 retrace of this impulse wave (if we get one)
  
• Ape Entry: $1.23
  
• Resistance: $5.70 - order block + bear golden pocket.
  
• Target: $123
  

Chart requested by beebbeeb

taking initial (+ some) off at resistance gives a free shot @ 100x with the rest.

D.Y.O.R. DO NOT BLINDLY TAKE THESE TRADES.
Never Trust. Verify. PLEASE DO YOUR OWN ANALYSIS.
This is not financial advice. These are just my observations.

Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.