heiders

LISK back at the trendline

BITTREX:LSKBTC   Lisk / Bitcoin
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5
LISK got dumped when the rebranding was postponed. After a long retracment it now got back into my targetbox at the long term trendline. I think that the hype will come back soon and LISK might see a good move upwards again, but because BTC is so bullish at the moment, I'm waiting for confirmation of a breakout before I get in. What I think might happen is that LISK could bounce up and down a few times at this long term trendline, before finally breaking trough the blue trendline (eiter on RSI or price). At that point I will probably enter the trade.
Comment: LISK broke through the support trendline which now acts as a resistance. I think there are 2 possible scenarios here. If LISK is unable to break back through the trendline, it can continue down towards the blue box. This is the probably the scenario if BTC takes off again, which I think is quite likely. Otherwise, if it breaks the blue and yellow trendline, I will enter.
Comment: Took the plunge and got in here with a small entry. This is the first 1h candle that closes above the major trendline again, which might indicate that a reversal is upcoming. Currently testing the trendline as support now.
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Comment: After I entered the trade, LISK retraced more, but I felt confident enough to stay in. And LISK is now doing exactly what it was supposed to do. Moving upwards at high speed. We will probably see a few corrections, but I'm not selling untill it reaches the top of the channel.
Trade closed: target reached: What a beauty of a trendline touch :)
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