#KAVA #TradeNTell #kavachain Hey, guys,
I noticed KAVA today. I'd like to share this set-up with you.
Here will not be any fundamental explanations of the usefulness and prospects of the project, but only hardcore TA.
Technically the instrument corrected after growth to the zone 0.618-0.786 by Fibo or as I call the zone of overload. The correction has formed consolidation and at the moment the price is near the lower boundary with the potential to return to the upper boundary. Also the instrument has broken the descending trend. From the weakness we can see that the price is under its moving averages. And it is better to wait for the price to come back and consolidate above them, this is the zone of 0.8-0.85.
Also on the chart of open interest, we can see the increase in open futures contracts and a surge in vertical and cluster volume, all this gives an understanding that the instrument is likely to move up.
It can be traded by setting stops under the local minimum below 0.65 and searching for an entry point when the price reaches 0.8-0.85 with targets 1 and 1.2 and more distant target 1.5.
Stay tuned.