KNC - Updated idea

21 Mei 2022

A lot of you were interested in our last KNC trade, so here is an update. Price has been holding steadily between $2.60-2.80, but we might be closing the daily candle as a bearish doji (cross). Here I have outlined in the chart every other time we have closed the daily candle as a doji at the top, and the subsequent drop that has followed each one. So far every time we have it has been followed by a drop. Therefore if we are to drop here, I have laid out all key Fibonacci levels and a good RR trade setup. The rest of the market is starting to flip a little more bullish so be cautious as from our entry here to the high on a short position would be a 10% SL. Would love to hear your thoughts.