Looking at the Kucoin 8 hour ETN chart, you can clearly see we bounced right above the .786 line, through the descending wedge resistance line and have closed candles with conviction (something we have not done since September 10th).
The best outcome we can hope for now is a test of the former resistance line for support and a sustained bullish bounce up, unlike the bounce from back in September. With Sunday and Monday being the usual down days, I suspect we will test the line some time on Monday which would put the price in the upper 160 range for a very brief time. If you are looking for an entry point, that very well could be it…but wait for a confirmation bounce if you want to be safe (not financial advice).
If all goes well, the next big resistance is 208 sats, so let’s not pop the champagne corks yet…we aren’t too far from it.
