Picking up this long setup on LRC following BTC's weekend dump. Right now TP is set to a wave resistance. TP will be calculated more accurately in the event this trade shows some life.
Shorts remain active.
I feel like the diagonal resistance lines are more meaningful than the horizontal ones. A move to the downside will ruin the momentum. I seen the whales are all over this one by the way the price moves might have to buy soon.
Before looking at any altcoin, we must look at the status of Bitcoin. BTC is in a healthy short-term uptrend after having a 75% drop to below $18k.
- If Bitcoin is able to make a move to $27,500 - $30,000 we can see alt coins like LRC following suit.
Loopring has been in a comfortable uptrend from $.30 to $.50 for the past 2 months,...
On daily chart
COINBASE:LRCUSD has reach to golden ratio of correction wave at 0.32
Wave C = 1.382 Wave A
However, wave C's not done. It can be down to 0.18 to complete the impulse wave with golden ratio at 0.32 (the lower third wave).
0.18 which is the invalidation of higher impulse wave, it's also a strong support for long-term.
Time will tell