KEY/BTC Descending Wedge breakout? Possible ~90%+ gains
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KEY/btc has been in a depreciating pattern since it's breakout nearly 2 months ago. It's been one of the few alts not to have undergone an upsurge over BTC's recent rally. It may be due, though that's not a logical method of reasoning in the trading world, so we go by charting fundamentals.
We have a few cues into a "possible" descending wedge breakout to the upside.
1) oversold conditions on the daily
2) first sign of a bullish divergence in 2 months
3) ema's posturing away from a strong downward slope
Though the volume is less than optimal, KEY has never really exhibited glaring volume signals prior to a large pump.
Green box indicates the accumulation zone.
Yellow lines indicated profit targets.
A close above 20 satoshis would be a strong indicator that the structure may have been broken.
Stop loss should be placed at 14 satoshis.
This is a high risk trade, as BTC is very volatile at the moment. This is not financial advice.
We have a few cues into a "possible" descending wedge breakout to the upside.
1) oversold conditions on the daily
2) first sign of a bullish divergence in 2 months
3) ema's posturing away from a strong downward slope
Though the volume is less than optimal, KEY has never really exhibited glaring volume signals prior to a large pump.
Green box indicates the accumulation zone.
Yellow lines indicated profit targets.
A close above 20 satoshis would be a strong indicator that the structure may have been broken.
Stop loss should be placed at 14 satoshis.
This is a high risk trade, as BTC is very volatile at the moment. This is not financial advice.
Note
BTC making a move. Wait for the accumulation zone, as this may drop to 14 satoshis before another bounce.Note
Looks like the breakout didn't happen, as the trendline was respected. 14 satoshis will be a very important support zone. If it doesn't hold then I'll be staying away until further notice.Note
It appears as though price action has broken outside of the descending wedge. After making a local low of 15 satoshis, it has performed a mini rally to 19. A daily close above 21 satoshis confirms a reversal and more continued gains.Transaction en cours
Got the close we needed, right on time. Hopefully slight consolidation then a close above 27 satoshis.Note
Want to remain optimistic, but it's now lost the 200ema on the daily. Bitcoin making a run at 10k, and the Key whales seem to want to keep prices at bay. Daily close below 18 satoshis would invalidate this idea.Note
The big boom is coming soon. This is the clear beginning of a new uptrend with a higher high and higher low. Volume picking up a bit too. Anticipating a move that hits on or near 33-34 satoshis within the coming days/2 weeks.
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