alanmasters
Long

Loopring Retrace Is Likely Over | Chart Signals Detailed (LEO)

BINANCE:LRCBTC   Loopring / Bitcoin
We have multiple signals here telling us that the Loopring ( LRCBTC ) retrace is likely to be over...
Let's have a look at those for learning and entertainment purposes.

1) First, we have a strong green candle today moving above EMA10 and EMA50.

2) We see that LRCBTC bounced exactly at the 0.618 Fib. retracement level relative to the bullish wave from May until July.

On bullish cycles, altcoins tend to bounce off this level, or higher, to resume their uptrends.

3) Hidden bullish divergence . We have hidden bullish divergence with the MACD and RSI .

This is true when the pair prints higher lows while the indicator is printing lower lows... Marked here with purple lines.

4) Bitcoin drops by $1000+ yet have no effect on this pair.

Normally when Bitcoin does a flash crash, the altcoins tend to crash with it.

The altcoins not crashing with Bitcoin confirms the strength of this pair and the bullish altcoins market.

All these are bullish signals that are pointing to additional growth and thus tells us that the retrace for Loopring might be over.


Conditions for change

With the above said, we still stay open to seeing sudden change...
The charts are always changing we know this for sure.

If prices move and close below MA200 (0.00000603), the bullish bias we described above is invalidated and a new analysis is needed.
We stay bullish with any trading above MA200.

This is Alan Masters...

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Namaste.
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Comments

Thanks Master
+1 Reply
It's common for defi coins to rise when btc pulls back. (BTC back to USDT, and USDT is put into defi for yield)
+1 Reply
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