Hello!
After my first idea on XRP, here comes the second one on LSK.
During the previous Bull phase of the market, LSK went from 27500 to its all time high two month ago around 160000 which represents a growth superior to x5.5. An expected correction combined with the BTC fork uncertainty led to a correction superior to 50%. Therefore today LSK trade around 70-75k.
With the end of the BTC fork and with the current setup of LSK/BTC, it may be a good time to invest on LSK soon.
As you can see on the chart, LSK/BTC is on a descending channel (in black on the chart) which is a bullish pattern because it tends to break upward. Moreover, LSK bounced on the last days on two strong resistances: the uptrend line in purple (the upper one) and the dashed black line which is the 0.382 Fib resistance.
Two triangles are forming : The first one between the orange line and the purple line which will resolve in a few days and the second one formed by the black and purple lines is a larger one that will resolve after.
If the large triangle (and therefore the descending channel) breaks upward, we may witness an uptrend. The first resistance will be around 84k (the "fake" 0.5 fib resistance) and the second one will be around 100k.
If the triangle breaks downward (unlikely I hope) the first will be the bottom purple line and the second support will be the 0.236 fib around 45k.
On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD with custom parameters gave strong buy signal (Green B letter on the chart) when LSK BTC was between 57k and 65k.
In conclusion, It may be a good time to load some cheap LSK before a movement up: buy when the price breaks the descending channel is a safe option, but buying when the price come back to the purple line around 65k (if the triangle don't break now) is also a good option.
After my first idea on XRP, here comes the second one on LSK.
During the previous Bull phase of the market, LSK went from 27500 to its all time high two month ago around 160000 which represents a growth superior to x5.5. An expected correction combined with the BTC fork uncertainty led to a correction superior to 50%. Therefore today LSK trade around 70-75k.
With the end of the BTC fork and with the current setup of LSK/BTC, it may be a good time to invest on LSK soon.
As you can see on the chart, LSK/BTC is on a descending channel (in black on the chart) which is a bullish pattern because it tends to break upward. Moreover, LSK bounced on the last days on two strong resistances: the uptrend line in purple (the upper one) and the dashed black line which is the 0.382 Fib resistance.
Two triangles are forming : The first one between the orange line and the purple line which will resolve in a few days and the second one formed by the black and purple lines is a larger one that will resolve after.
If the large triangle (and therefore the descending channel) breaks upward, we may witness an uptrend. The first resistance will be around 84k (the "fake" 0.5 fib resistance) and the second one will be around 100k.
If the triangle breaks downward (unlikely I hope) the first will be the bottom purple line and the second support will be the 0.236 fib around 45k.
On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD with custom parameters gave strong buy signal (Green B letter on the chart) when LSK BTC was between 57k and 65k.
In conclusion, It may be a good time to load some cheap LSK before a movement up: buy when the price breaks the descending channel is a safe option, but buying when the price come back to the purple line around 65k (if the triangle don't break now) is also a good option.
Comment:
Small update of the upper purple line and orange line
Comment:
LSK performed quite well on the last days.
The triangle presented previously 3 weeks ago broke down and we revisited the 45k level. But after that we have seen a strong move up to near 140k to the previous All time high during last night. After hitting 140k LSK came back beetwen two 0.786 Fib resistances (from different time period) and is currently oscillating between those resistance (120k and 128k).
As you can see on the chart my indicators show that a sell signal is building. After this good run (x3 in BTC value in less than two weeks) it could be safe to take some profit now before the retracement. But don't sell it all. LSK could go higher so be smart and sell only a portion of your LSK stash (25/30% for me).
Good trading!
The triangle presented previously 3 weeks ago broke down and we revisited the 45k level. But after that we have seen a strong move up to near 140k to the previous All time high during last night. After hitting 140k LSK came back beetwen two 0.786 Fib resistances (from different time period) and is currently oscillating between those resistance (120k and 128k).
As you can see on the chart my indicators show that a sell signal is building. After this good run (x3 in BTC value in less than two weeks) it could be safe to take some profit now before the retracement. But don't sell it all. LSK could go higher so be smart and sell only a portion of your LSK stash (25/30% for me).
Good trading!
Comment:
The updated chart :
Comment:
We are also into a triangle in the 15 min time frame (don't really love those low time frame but just proide this for those who read).
Watch how the triangle breaks. If it breaks down sell a portion.
If it breaks up dont sell and sell on the higher Fib resistance beetween 135k and 140k
If it breaks up dont sell and sell on the higher Fib resistance beetween 135k and 140k
The two triangles that I described before should resolve in the next days so we will see soon what to expect for LSK.