KCS/USD - Ascending triangle. KCS ready for a breakout to $28!KCS has formed an ascending triangle and on the Bitcoin pair it reached a level not seen since 2019! This shows KCS appears ready for a rally as soon as it break above the triangle.
Key support: $20, $16
Key resistance: $23, $28 ( ATH )
The market has been flat over the winter holidays and suffered from low volatility. In the case of KCS, price has now formed an ascending triangle (represented in blue) with resistance at $24. If the bullish momentum maintains, KCS can break out with price rushing towards the current all-time high at $28. The support is found at just under $20.
It is important to note, that on the Bitcoin pair, KCS has reached a price level not seen since 2019. This is very bullish and may lead KCS much higher versus Bitcoin which has been losing market dominance (now under 40%).
Technical Indicators:
Volume: Volume has been low over the past two weeks due to the winter holidays, but now things should get exciting again.
RSI: The daily RSI has been making higher lows which is bullish. A breakout from the blue triangle can propel it higher.
MACD: The daily MACD is bullish. However, there is a lack of conviction from buyers right now. This will likely change quite rapidly once volatility returns.
Bias
The bias for KCS is neutral with some signs of bullishness. A break above the key resistance at $24 will confirm a bullish bias.
Short-Term Price Prediction for KCS
KCS appears to consolidate in anticipation of a breakout from this triangle. This can be expected later this week or next week, depending on the market. If KCS can push above $24, then bulls will likely retest the current ATH. Should it fail to break the key resistance, then KCS can fall back on the support at $20.
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