$KNC - SHORT Setup
Entry: 0.2250 – 0.2270 (On rejection from this resistance confluence)
Target 1:0.2195
Target 2:0.2160
Stop Loss:0.2295 (Above the 24h high)
My View:
KNC is trading within a clear bearish structure,consolidating near the lower end of its recent range after a rejection from higher levels. The price is currently retesting a supply zone defined by the 24h high (0.2291) and the immediate resistance level where previous support failed. The order book shows a larger Ask volume (50.38%) compared to Bid, with a significant Ask wall present just above the current price, indicating selling pressure. Price action shows a lack of bullish momentum, with the asset struggling to regain lost ground. The plan is to initiate a short position on a confirmed rejection from the defined resistance area, expecting a move back down to test the 24h low and potential breakdown levels.
Bias: Bearish below 0.2270. A break and hold above 0.2295 would invalidate the immediate downtrend premise.
Disclaimer:My plan. Not advice. Trade your own risk.
