From my own point of view, I really love the way LSK bull candlesticks are lining themselves along the upper BB. Is this the journey towards $445 LSK all-time highs? I think so -that by the way is super ambitious but then again, LSK prices once printed those digits and I don’t want you to miss a possible ride up now that the current spot prices are at a discount.
After the super crash and loss of 99% of invested capital, LSK buy pressure is back. As long as candlesticks remain along the upper BB, I will be asking bulls to look for buy opportunities only in the lower time frame more so the daily chart.
And why not, if we remove the noise and move our ball game to the monthly chart, then this is the only second month of buy pressure and the journey is just but beginning.
In the daily chart, bulls can be seen but even if we have that bear candlestick all I’m seeing is a break out trade. Recently, they have been lots of bull break-outs in most alt coins and as always, any bear candlestick towards support is a welcomed move.
That previous resistance-now support happened to be the 2nd Fibonacci extension line at $25 and by the time price test that level, the middle BB would have caught up with price action.
Any bounce back from $25 will complete the second phase of a break out-the retest. This is where I recommend buyers to jump in especially if there is a double bar reversal pattern at any Fibonacci retracement levels around $25.
In our trading chart, our Fibonacci will smooth out our entries and as visible, we can already see some support at the 50% Fibonacci retracement level. Any close above $31 or the middle BB and I recommend long entries with targets above $40