Good morning all! Take a look at this chart. Notice the closing wedge of price action within the last two days?
Every single time I've seen this pattern on a chart the cryptocurrency suddenly makes a huge, dramatic move in one direction or the other. The problem is that I can't ever tell which way it's going to go!
Anyone have thoughts on what KCS is about to do? If you own it, is now the time to sell? If you don't own it, is now the time to buy? This whole thing, despite how well I'm doing at it, is still very confusing to me.
Just imagine what would be possible in this cryptosphere if you had a ten minute crystal ball. How much money do you suppose you could make in one month if you started with $100 and could see ten minutes into the future?
KCS appears to have broken out of the top side of the wedge, but with a market cap already sitting at 1.6 billion how much higher can it go? It's already the 33rd most valuable crypto out there. That seems hard to justify, given that it's a relatively small, relatively new exchange.
Update Jan 10
Since yesterday KCS has definitely broken the top of the wedge. I don't think it has much upside potential from here though as I mentioned above. It's already in the top 50 cryptos by quite a way. To me, it seems overvalued at it's current price point.
