KAVA Bouncing at Support



Kava is bouncing at the $2 USD support level , near the 61.8% Fibonacci Retracement Level, MACD is just starting to give a buy signal, RSI is ticking higher. The previous decline from the $5.82 USD level was with decreasing volume , and this seems like a good place to go long.

In Elliott Wave Terms, we had a 5-wave move to the upside, followed by a 3 wave decline to a level a little beyond the 61.8% level, which is typical.

The Earn campaign for Kava is currently live, https://coinmarketcap.com/earn/project/k…

So, the trade is to go long here at $2.60 USD with stop at $2.12 USD and a price target of $4.33 USD, which should give us a risk-reward ratio of 3.6 to 1, which is pretty good.

Not a recommendation, just what I’m doing.

Good Luck to You