So it's been a crazy 48 hours with BTC bleeding the alt market but a recovery is near. I like to think of these times as a great opportunity to buy altcoins on sale. one of my favorite alts BITTREX:LMCBTC is looking ready for the rebound. Like many alts at the moment it is very oversold on multiple timeframes and finding its bottom (for the moment). Like many other alts it has experienced a +50% drop in price in the last 24 hour likely due to the light order book. However this coin has strong support and a budding community that value it at higher that the current price. I suspect it will return to previous price levels relatively quickly for the very same reason it has dropped (a light order book is a double edged sword. Entries at < .00000400 are optimal. The LOMO team is also having an airdrop event today and tomorrow which may possibly hasten the recovery. Trade smart.
Comment:
I wrote this idea when the price was .00000368 but TradingView was down so the post was delay. A drop below .00000400 may still be possible for entry but the train may have already started...
Comment:
LOMO going. Making a good run at the moment. Suggested TPs/Targets: 570, 610, 720. Still important to be cautious as the order book is still very light. Best approach is to take profit on the ride up and wait for new support to be found for re-entry.
Comment:
s3.amazonaws.com/tra...shots/e/E1QMkScf.png
LMC is meeting strong resistance at the 520 price level and support at the 470 level. This is leading to the formation of what appears to be bull flag. Waiting to see how it plays out.
LMC is meeting strong resistance at the 520 price level and support at the 470 level. This is leading to the formation of what appears to be bull flag. Waiting to see how it plays out.