KITE: Waiting for a Technical Rebound to Set Up an Optimal Short Position

KITE's trend structure on the daily chart is clearly shifting into a bearish phase. Following a prolonged growth period since the beginning of the year, intense profit-taking pressure has fueled the bears to push the price below the long-term ascending support trendline. This structural breakdown occurred around the $0.13 - $0.14 range, marking a shift in market character from bullish to bearish.
Currently, the selling pressure shows signs of temporary exhaustion as the chart approaches the key psychological round number level at $0.10. This area also serves as a retest of the previous accumulation zone. Since short-term selling momentum has cooled down after a steep drop, a technical rebound from this support level is highly probable.
However, the dominant trend has now reversed. Therefore, the safest and most optimal strategy at this moment is to patiently observe and wait for a recovery wave to retest the old support turned new resistance at the $0.15 mark. This milestone perfectly aligns with the intersection of the previously broken trendline. If a price rejection occurs here, it will be the confirmation signal to open a Short position with a target towards the $0.05 zone.
Disclaimer: This is not financial advice, DYOR. $KITE #StrategyBuybackSurges12%