1D time frame
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LOOKS is retesting the huge falling structure now, this structure began from 0.5 and went over 600 days. This breakout means a sign of strength, which target is the previous high at 0.5. Therefore, we can set up a trading plan while LOOKS starts retesting the obvious support zone.
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TP: 0.476
SL: 0.05
12h time frame
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LOOKS seems more like symmetrical structure here if use Bars Pattern on the left wave(0.385 to 0.037). Considering the downtrend line on higher time frame, the first target is 0.18 as our previous analysis in October(ref.1). If this symmetrical structure maintain the pumping momentum, next target is 0.37.
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ref.1 Head and Shoulders
1D time frame
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We've talked about LOOKS head and shoulders structure before it formed(ref.1). That trading plan is profiting well so far, and still have a target at 0.08~0.09. According to the wedge structure on higher time frame(1D), we can aim the final target at 0.18
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ref.1 Head and Shoulders
2h time frame
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LOOKS creating a potential bottom HS. Currently, getting support at 0.046 and breaking falling wedge with strong momentum, this trend might create right shoulder structure. Neckline of this HS is obvious at 0.07
Once LOOKS break neckline on upside, there are three targets as below.
TP: 0.078~0.083 / 0.089
LOOKS seems to be pulling back to previous resistance trendline to test it as support. With multiple squeezes forming, this may create a good re-adding opportunity since we took profits previously. My first price target is to $7 from here.
Looksrare is setting up multiple squeezes again and established nice support trendline. Wait for a pull back to my buy zone in the next few hours. My near-term price target is $5.
LOOKS/USDT ASCENDING TRIANGLE BREAKOUT
Support: $5.45/$5.05/$4.75/$4.25/ $4.00/ $3.75/ $3.50/ $3.00
Resistance: $5.75/$6.00/ $6.25/ $6.55/$7.00
An ascending triangle is a chart pattern used in technical analysis .
It is created by price moves that allow for a horizontal line to be drawn along the swing highs,
and a rising trendline to be drawn along the swing...
LOOKSUSD (1H Chart) Technical analysis update
LOOKS/USD currently trading at $4.53
Formed Head and shoulder pattern in 1h chart
Buy level: Above $4.60
TP 1: $5.00
TP 2: $5.50
TP 3: $6.00
TP 4: $7.00
Stop loss:$4.00
Max Leverage: 1x or buy it on spot market.
