Looking at the weekly chart, we see LSK traveling in a rough channel I drew in white. First, I must say, I don't hold much weight in that as support /resistance but i like to use it to get a rough estimation of our trading ranges.
Anyway....
We've seen some bearish developments so far.
The past few months have not been kind to LSK. It has been dropping since February and after a HUGE sell-off on the week of 3/26, it has slowly bounced back. However if we look at the weeks going from April to May, most candles have a large upper wick which is a bearish signal. Everytime the bulls try to climb up, they are met by sellers at the top of each candle. This has formed a bearish flag on the weekly time frame. We also see the 12 EMA (teal) crossing below the 26 EMA(Orange) which is another bearish signal. As current prices stand, this week we are testing the 50 week moving average (blue) again as well as the big even support line of .0013. Even if Lisk can rebound off that sport, it still has to climb all the way past .00159755 resistance to form a higher high (in the short term). There are also multiple points of resistance based off past price action that will come into play IF LSK can break out of this bearish flag formation.
Those resistance levels/zones are:
.00168172
.00177834
.00202685
Personally, I don't see LSK breaking past the .002BTC resistance anytime soon. It would be LUCKY if it broke poast .001778-.0018 to be honest but if it does, I will provide an update.
As I zoom into shorter time frames, I'm keeping in mind the bearish environment that I feel LISK is in.
Anyway....
We've seen some bearish developments so far.
The past few months have not been kind to LSK. It has been dropping since February and after a HUGE sell-off on the week of 3/26, it has slowly bounced back. However if we look at the weeks going from April to May, most candles have a large upper wick which is a bearish signal. Everytime the bulls try to climb up, they are met by sellers at the top of each candle. This has formed a bearish flag on the weekly time frame. We also see the 12 EMA (teal) crossing below the 26 EMA(Orange) which is another bearish signal. As current prices stand, this week we are testing the 50 week moving average (blue) again as well as the big even support line of .0013. Even if Lisk can rebound off that sport, it still has to climb all the way past .00159755 resistance to form a higher high (in the short term). There are also multiple points of resistance based off past price action that will come into play IF LSK can break out of this bearish flag formation.
Those resistance levels/zones are:
.00168172
.00177834
.00202685
Personally, I don't see LSK breaking past the .002BTC resistance anytime soon. It would be LUCKY if it broke poast .001778-.0018 to be honest but if it does, I will provide an update.
As I zoom into shorter time frames, I'm keeping in mind the bearish environment that I feel LISK is in.