Today, we will talk about LRC , who has great potential, but who is also stuck due to the general market sentiment.
The analysis here is more mid term-long term, so I choosed the 1day graph to present my first thought on this.
So what does the chart tell us ?
First, we see that LRC has complete the 2 first stage of his Eliot waves (A & B). If we take a lower cycle, we see that LRC has indeed complete a 5-3 cycle.
Reaching his lowest when the BTC crashed around the 16-17th of January (it is the case for most altcoins), we see that LRC first moved up again, in the direction of point C.
Then, and it is quite clear on the 1day chart, the started to decrease, and LRC is since stucked in a sideways channel.
What next ?
We have to wait for some to come, if we want to break the resistance of the channel, and return to our path towards the C point of the .
As for the other trade, I will monitor this one as long as we remain in this sideways channel.
Incoming news (which can bring more ) is likely to help break the resistance. The real question in when ?
Thank you for your time, and again, it is not an invesment adivce, DYOR please !
Any comment / suggestions are welcome ! The goal of this post is to share and benefit from the knowledge/experience of this community !
Here you can the channel more closely, on the 4hours chart