* I was toying with this chart and teaching my 9yo daughter the relationship between chart patterns and market psychology yesterday. Unfortunately, I did not publish my idea prior to the pump. Well... * This pump may be the result of Loopring releasing news relating to Layer-2 NFTs. More news to be released soon. * Anyway, LRCUSDT has broken out of the ascending parallel channel, forming both a potential inverse H&S and a cup and handle. Confluence and the levels align very nicely with the fib levels. * Those who bought in near the bottom of the ascending parallel channel can take profits now. * Or do so upon completion of the confluent inverse H&S and cup and handle. * I personally favour the latter approach. * Of course, nuch depends on DXY (see linked idea).
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Linked idea:
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* Classic bull vs bears fighting at BTCUSDT's heavy 50K psychological resistance level. * BTC.D is also dropping. * LONG ENJUSDT, LRCUSDT and DENTUSDT--which are on the cusp of completing their cup and handle pattern--if BTCUSDT breaks 51K.
Trade closed: target reached
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If I may shamelessly point out how well this forecast has panned out...it's damn good!