A widely followed crypto strategist updates his view on a rising altcoin as broader crypto markets trade sideways.
Pseudonymous trader Credible Crypto tells His 353,600 followers on social media platform
“Decent reaction to KAS since my last post about it, but we are at a local resistance level (red) and not seeing any impulsive PA (price action) yet, so I think there’s a good chance we’ll dismiss here soon and come back for a to build a bigger base.
This is preferable because even though I’m busy, I know that the longer we spend building a foundation for the next stage, the more durable it will be. I would happily trade another week of consolidation for a more aggressive/explosive rally if it comes. Use this time to gather Caspians.’
The trader’s chart indicates that KAS could fall to around the $0.10 price tag before eventually rising above $0.16.
KAS hit a low of $0.0321 on August 29 and is trading at $0.125 at the time of writing, a gain of 289%.
The trader then say a video update shows that Bitcoin (BTC) is likely to fall more than 4% from its current value due to a sudden sell-off.
“We actually had a deviation at the range highs, a lot of late longs jumping at the range highs. Now we’re getting a sale. There are likely many stop losses waiting just below these lows.
We have a liquidity gap, an empty void. So we’ll probably see a pretty aggressive sell-off back into our mid-range, and then lose that – again we’ll probably have stops to rest here as well – which will take us right back to the bottom of our range, down to $35,500, where I’ll I’m looking for a fuse.”
Bitcoin is trading at $37,120 at the time of writing, up 1.9% in the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/salamahin/mim.girl
