LOOKSUSDT.P Prediction (2H, 1D)
My prediction for LOOKSUSDT.P is that the price will climb up to 0.1075.
My prediction is based on my analysis of the daily chart:
As you can see in the screenshot, the price has successfully escaped the zone and is currently on an uptrend. I expect the price movement to keep its momentum until it reaches the most recent resistance level (on May 17th) at least.
An ideal entry price would be 0.0884, which is the price of the top line of the zone in the 2H chart.
If the price drops down to this level, this will be our entry point for the long position.
This is also equivalent to the 0.618 level when we apply the FIB retracement based on the most recent swing low and high.
Our exit point will be the price of 0.1075, ideally where the resistance level and the green trend line makes contact.
As you can see in the screenshot, the price has successfully escaped the zone and is currently on an uptrend. I expect the price movement to keep its momentum until it reaches the most recent resistance level (on May 17th) at least.
If the price drops down to this level, this will be our entry point for the long position.
Our exit point will be the price of 0.1075, ideally where the resistance level and the green trend line makes contact.
Comment:
The resistance level of 0.0937 has been proven to be stronger than expected.
The resistance level of 0.0937 has been proven to be stronger than expected.
Comment:
Our entry point is where the lower line of the minor downtrend (line 1) converges with the bottom line of the Schiff Pitchfork (line 2).
Even if the price does not reach the line 2, if it reaches the line 1, this will be our entry point.
Our exit point is where the upper line of the minor downtrend (line 3), middle lower line of the Schiff Pitchfork (line 4), 0.5 line of the FIB retracement (line 5) and the zone converges all together.
Our entry point is where the lower line of the minor downtrend (line 1) converges with the bottom line of the Schiff Pitchfork (line 2).
Even if the price does not reach the line 2, if it reaches the line 1, this will be our entry point.
Our exit point is where the upper line of the minor downtrend (line 3), middle lower line of the Schiff Pitchfork (line 4), 0.5 line of the FIB retracement (line 5) and the zone converges all together.
which I totally neglected.
We'll have to see which momentum is stronger: the major uptrend or the minor downtrend. Statistically speaking, the major trend should be stronger than the minor one but there is no absolute guarantee in this market.