Now we go for KCSBTC (KuCoin Token vs Bitcoin) and this one has also being doing really since January 2021.
Now, we can start by saying that the USDT and BTC charts are similar.
We do not have the same chart/structure/pattern, but we have the same cycle.
A low was set for KuCoin Token (KCS) in December 2020 both vs Bitcoin (BTC) and Tether (USDT), then we have over a year of growth with little correction.
Looking from an EW perspective we can have a truncated 5 here... Meaning that the 5 wave impulse is over and a corrective wave should form, but that's predicting of course, let's just focus on the chart.
The "very strong resistance" is where we are at now and the signals are not favoring the bulls.
We have this bearish candle as bullish momentum wanes:
We have a very strong bearish cross on the MACD and the histogram has gone red:
The MACD is also at its all-time high, plenty of room available to retrace.
Conclusion KCSBTC is likely to continue to grow long-term but a correction has high probability in the weeks ahead.
This is not trading advice. You need your own plan/strategy to trade.
For example, we never trade such a chart (near resistance/high prices), we look for different ones.
I hope you enjoyed this analysis. Thanks a lot for your support.