QKC / BTC technical analysis [BINANCE]

QKC / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 10 May 2019


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QKC seen from the 1W temporary we can see how the current candle has touched the support located at 303, has found demand at that point, which caused a rise in the price.

At this point, we should wait for 2 possible scenarios, in the first scenario the price should take a break causing the price to reach our first ITZ point within the price range of 400 - 480, the price at that point can not keep the price high and produce a new fall below the support of 303.

In the second scenario the price continues to fall to the support located within the 190 - 90 price range, such a zone would be our best position to enter long.

I have marked a trend line in pink, taken out with the trend angle tool, this tool is sometimes used to find pullbacks and throwbacks.

Once we reach our buying target, we should see a strong bullish momentum that takes the price above the support, we do a throwback and continue to rise, I have placed the take profits within the chart, being the 2 first our safest points of return.

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QKC seen from the 3D temporality we can see how the current candle is a hammer candle, this type of candle when it is at the end of a bearish trend is a sign of a reversal of trend, the candle closes today, so I recommend paying attention to its closing, continue as a hammer candle, we would have a chance of a soon bullish movement.

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QKC seen from the 1D temporality we can see how the current candle is maintained as a bullish candle, to see a change of trend we would have to see that the candle closes above the consolidation, ie above the 371. In the chart above I have pointed out within grey rectangles, the two important zones in case of a momentary bullish movement, the first zone is located within the price range of 400 - 480 and the second zone is located within the price range of 600 - 680.

As we can see in the graph, also and placed point of support in red color, this point is the intermediate zone between the line of tendency and the support of the 303, I have drawn it in the graph, because the price could not arrive until the line of inferior tendency and then, this point would serve us as safe zone to take the decision to enter in lengths and thus not to lose us of a good entry under the support. It should be noted that if we enter into lengths at these lower points, the price should then be able to break the support of the 303 to confirm a change in trend that leads us to our take profits indicated in the chart, if behind the pullback to 303, resistance rejects the price, we could see QKC fall even more.

In conclusion, we should wait for the closing of the daily candle and confirm if we are going to have a rest in the trend, if this is so, we could enter in lengths up to the points indicated inside the rectangles gray colo, according to our risk, we can choose the first or second point. In case the price closes below 303, we should see the price fall towards 190 or towards the trend line, any decision to take would give us profitability, however, it is advisable to wait for the closing of the candles and confirmations, a good trade is not only measured by profitability, but also by duration before profitability.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader Website: https://www.buymeacoffee.com/XCdmEAZnD Twitter: https://twitter.com/armijogarcia


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