Since the drop earlier in November, KCS has been following Bitcoin and has been trading bearish. During this period, the price has formed a descending triangle on the chart.
Descending triangles are classically bearish trading patterns, so a bearish break out of this pattern is more likely than a bullish one.
For the coming weeks, I'm expecting the price to follow the pattern. Somewhere late January / early February we can expect a big move, since the price has reached the end of the pattern.
Keep a close eye on Bitcoin. Bearish BTC will most likely signal a bearish break out, and the other way around.
Happy trading!
Descending triangles are classically bearish trading patterns, so a bearish break out of this pattern is more likely than a bullish one.
For the coming weeks, I'm expecting the price to follow the pattern. Somewhere late January / early February we can expect a big move, since the price has reached the end of the pattern.
Keep a close eye on Bitcoin. Bearish BTC will most likely signal a bearish break out, and the other way around.
Happy trading!
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