LSK/USD has been trading the downside considerably after a peak ignited a considerable correction of the 16th January. The correction on LSK/USD ended the next day at the support zone at 15.75$ on the 17th January.
Price has broken out of the downtrend. Price has been having higher highs since the retest on the support on 17th January. The side-wards resistance seen above has been keeping price contained since 14th January, and I expect price to continue doing so with this new move also.
This trade could play out in 2 ways:
-Price successfully confirms a rounded bottom at current levels and goes to the upside impulsively, hitting the upper side-wards resistance line at 29.11$.
-Price breaks down impulsively, until horizontal support at 21.22$, before bouncing to the upside target of 29.
Also bare in mind if price hits the resistance line target and then retests, this will make it less likely that the extension target zone at 21.22$ less likely.
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Price has broken out of the downtrend. Price has been having higher highs since the retest on the support on 17th January. The side-wards resistance seen above has been keeping price contained since 14th January, and I expect price to continue doing so with this new move also.
This trade could play out in 2 ways:
-Price successfully confirms a rounded bottom at current levels and goes to the upside impulsively, hitting the upper side-wards resistance line at 29.11$.
-Price breaks down impulsively, until horizontal support at 21.22$, before bouncing to the upside target of 29.
Also bare in mind if price hits the resistance line target and then retests, this will make it less likely that the extension target zone at 21.22$ less likely.
FOLLOW and LIKE for more trading ideas