thomasfar6
Long

LISK - MAJOR SURGE IN PRICE, Can it sustain?

POLONIEX:LSKBTC   Lisk / Bitcoin
Well, to begin with, it has been announced that Lisk has been added to a large exchange which has sent the cryptocurrency price right up in value, this happened earlier in the day and ever since the enormous increased the price how pulled down quite sharply. This is a good thing and should not be taken in a bad way, I suspect that this dip will help the currency gain more traction and momentum for a future breakout especially now that more people can access and are aware of the coin.

This chart shows that a previous resistance has now become support ever since the breakout and looking on it on the long-term view we can see that there is an ascending triangle pattern being formed which acts a great bullish sign that you want to watch out for. You can expect the price to fluctuate between the support and resistance or ascending triangle until a further confirmation for a breakout.

  • MACD - Since the price has spiked so quickly in value t have left the RSI in highly bought posistions evne after the drop tyhat we have already had. It indicated that there could be a further drop which would problem begin to move sideways when it hits mid-way or over sold conditions.
  • RSI - When we take a look at the past we can see that the same trends look to be happening (realistic you should not use past events from your trades as this is often because of news and almost acts as an outlier), however, it is good to give you an insight on where the trend could be heading next. If the MACD lines cross over in the downward direction will continue to drop to the mid-line where we will find some consolidation.
  • Orange - Resistance.
  • Pink - Support.
As always trade the lines accordingly.
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