๐จ $KNC Short Trade Setup
Market Outlook:
$KNC is showing clear bearish pressure after failing to break above the 0.279โ0.282 resistance zone. Sellers are stepping in aggressively, and momentum indicators suggest a potential continuation to the downside. This makes 0.2751 a strategic short entry level. ๐
Technical Indicators:
RSI: 59 โ nearing overbought on lower timeframes, indicating downside potential โ ๏ธ
MACD: Bearish crossover forming on the 1H chart ๐ป
Moving Averages: Price trading below 20 EMA and struggling to reclaim 50 EMA ๐ข
Short Entry:
Entry Price: 0.2751 ๐ต
Stop Loss (SL): 0.2800 โ above the recent rejection zone ๐
Take Profit (TP) Levels:
TP1: 0.2705 โ immediate support zone ๐
TP2: 0.2658 โ next key support area ๐
TP3: 0.2600 โ extended bearish target if momentum continues ๐ฅ
Risk Management:
Use conservative position sizing (1โ2% of capital per trade) โ๏ธ
Monitor market sentiment and volume; sudden volatility can invalidate the setup โก
