We had quite a journey since the beginning of this year! Almost every crypto in the market experienced a bullish run, some more than others and some less.
But, as the rule of life is...everything that goes upside has to come back down! In the markets that is called correction. It is nearly impossible to just go in one direction, that is not even healthy when it comes to the markets.
After almost 5 months of bullish movement bears are woken up, they are hungry and want to secure food for the winter.
But, there is always a "but", we also have what's called panic selling! Many people, new incomers or those who got burned back at 2017 from the crash of cryptos.
Anyhow it's not everything as simple as buying and selling, there are a ton of other things that impact the price of a crypto.
As my followers know I do love technical analysis, so here we go!
KCS (Kucoin Shares)
As we can see, the 20$ area acted as a strong resistance zone which tanked the price to the support area down to 9.5$. To be honest with that bullish momentum I expected KCS to continue it's bullish run from this point.
But as we see...
Soon as price hit the previous support area at 16$ zone, price started declining, and when we decline for a few days an impulsive movement is inevitable.
So, what's happening right now?
We just hit the strongest support that we saw this year, at 7.5$ which if we look back we see that this is a pretty Major or Key Zone for KCS, since it played a significant role as a Resistance and than as a Support. My long term view on KCS is still bullish, especially from this point. I think KCS should go as high as 50$ this year.
BNB
Bnb was freaking mental on these 5 months of 2021. For 3 weeks it moved from 40$ a coin to 370$ which means around 760% up.
Where do we stand now?
As almost every other crypto on the market, even BNB isn't excused from this bearish madness. The good thing is that we are still inside the bullish channel, and this touch back seems so beautiful, as just another opportunity to buy some more before we shoot up.
What do I expect on BNB?
Bnb is colossal, the BSC or Binance Smart Chain changed the game forever. They took advantage when the Ethereum was delaying to bring the Eth 2.0 and gas fees were going mad. To be even more awesome was the moment when BNB's price went madly high they cut the fees in half. Ethereum should take notes.
Bnb is about to fly, so my suggestion is don't miss the chance to hop in.
Not a financial advice AT ALL.
Last but not least RUNE
I remember buying Rune at 3.6$, well, good times weren't those! My biggest regret is that why I sold 80% of my stack?
In the end of the day, this is trading, if you cry over something you'll never get anything. MOVE ON!
The trendline was touched once again! I don't like seeing Rune being stuck at 17.2$ for a long period of time, but I don't expect anything better considering how the whole market is behaving right now.
Long term bias on Rune is always bullish.
I expect something like this:
What do you expect to happen?
theatdhe!