At first blush there seems to be a lot going on here but spend just a minute to examine the trend lines and thier origins. They're showing you where we'll find support on a bearish move, or resistance on bullish move, far into the future. This is a weekly scale, log chart.
Fundamentally, Lisk hasn't been the most exciting blockchain project. However, what they have going for them is consistent development, a low bar for entry to devs already very familiar with JS and a track record of relentless development and sound business practices.
Technically this chart *strongly* favors bullish continuation. A target #1 at $10.44USD on a bullish breakout of the symmetrical triangle comes with a healthy R/R at about 5.5. This target #1 also coincides with a D completion on a bearish bat pattern at that same level. A full send move on strong volatility to a target #2 at only $40 comes with a whopping 18.46 R/R. Both scenarios assume a stop loss set at minimum $2.15
In any event, my target is north of $100- then things start to get interesting. Good Luck!
Fundamentally, Lisk hasn't been the most exciting blockchain project. However, what they have going for them is consistent development, a low bar for entry to devs already very familiar with JS and a track record of relentless development and sound business practices.
Technically this chart *strongly* favors bullish continuation. A target #1 at $10.44USD on a bullish breakout of the symmetrical triangle comes with a healthy R/R at about 5.5. This target #1 also coincides with a D completion on a bearish bat pattern at that same level. A full send move on strong volatility to a target #2 at only $40 comes with a whopping 18.46 R/R. Both scenarios assume a stop loss set at minimum $2.15
In any event, my target is north of $100- then things start to get interesting. Good Luck!
Trade closed: stop reached:
So a trade on this idea is officially a bust, with price action now reaching down well past our $2.15 stop loss. There is blood in the streets across the board and no end in sight for the time being. Price forecast on the horizon for Lisk is pushing down into 1.70 and possibly lower before recovery.
