LRCBTC - LONG - 60% Profit Break Out Trade
Loopring -
LRCBTC
Loopring is a protocol layer for decentralized exchanges and has a lot support in China.
It had a long down trend and recently broke it.
It has a lot of positive news coming out about it and it held well against the bitcoin correction.
There was very strong buy volume and multiple low points.
It had a strong retrace after the All Time High of 0.00018641 and bounced off of the .786 retrace after an ABC wave correction.
It looks to be making a new market cycle, so short term, we can capitalize on 60% profits, but long term this looks like it wants to run.
There are multiple types of ways to trade and in this case, we are hoping bitcoin will move sideways and allow some of the alts to run.
This is known as a breakout trade after it showed it's intention to turn around at the .786 level.
Good luck and happy trading.
LRCBTC
Loopring is a protocol layer for decentralized exchanges and has a lot support in China.
It had a long down trend and recently broke it.
It has a lot of positive news coming out about it and it held well against the bitcoin correction.
There was very strong buy volume and multiple low points.
It had a strong retrace after the All Time High of 0.00018641 and bounced off of the .786 retrace after an ABC wave correction.
It looks to be making a new market cycle, so short term, we can capitalize on 60% profits, but long term this looks like it wants to run.
There are multiple types of ways to trade and in this case, we are hoping bitcoin will move sideways and allow some of the alts to run.
This is known as a breakout trade after it showed it's intention to turn around at the .786 level.
Good luck and happy trading.
Comment:
LRC broke upwards and failed to rally to the first target, but is holding support on the .618 line. this is another good place to buy in to for a long position.