I heard about BITTREX:LBCBTC back in early January and bought in right around the peak in January. I was riding the upward channel for a couple of days but failed to stick to my guns and decided to hold. Since then, I've seen a 50% retrace and am seeing a slowing of the downward trend. See my other analysis in the related link below on BINANCE:RLCBTC where we see similar signs and a near perfect bounce off of the parabolic upward-facing line. I'm not seeing BITTREX:LBCBTC level out quite as much, but the charts are surprisingly similar. We will likely continue in the downward channel for a bit longer. A move towards the upward edge of the channel will be a sign of a potential reversal.
See the several spikes on the upward channel that I saw as a strong sign a month ago -- the RSI showed overbought and right after we saw a retrace. We've seen three oversold markers on this descent, and it seems like there will be a fourth touch coming up soon. The difference is, we're leveling out approaching the next touch. I'm looking for a touch within the purple circle and a retrace following the right side of the parabolic line. Significant volume on a reversal should signal the end of this downtrend and put us into another bullish trend, as COINBASE:BTCUSD leads the recovery of the entire market.
If we see the price continue to drop with no dip below the RSI bound, this will confirm another continuation of the downward trend. I'd like to hear your thoughts on BITTREX:LBCBTC! Please comment below, as the more input we see, the more informed we are!
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
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And we're down slightly, holding up pretty well within the channel. Hold tight if you're not yet in the coin!
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We got a bump a couple of hours ago, keeping us above the parabolic line. If the price sticks right around that line, we'll see signs of a reversal upwards.
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We're not showing oversold at all here. I'd get out of this coin and wait for BTC to stabilize.