BTC bear flag shadow is looming over LOOM's growth
Updated
As you can see, we are in a wedge pattern in blue. A couple of days ago we broke out but failed to hold top of the wedge as support. Now it seems highly probable that we will get a false brake out once again. Seeing as BTC is in a bear flag consolidation pattern that will likely break down to 7700 - 7800.
With that in mind, you can see a cup forming on the chart. If cup and handle is to happen this would send us up to 0.00006884 (0.786 fibb level). If BTC breaks down from its bear flag I suspect we will break down towards major support zone of 0.00005800, if not we should find support around 0.00005250 area for triple bottom. We just have to wait and see how fast BTC will break down from bear flag. The faster the break down the less likely we will hold 0.00005800 as support.
With that in mind, you can see a cup forming on the chart. If cup and handle is to happen this would send us up to 0.00006884 (0.786 fibb level). If BTC breaks down from its bear flag I suspect we will break down towards major support zone of 0.00005800, if not we should find support around 0.00005250 area for triple bottom. We just have to wait and see how fast BTC will break down from bear flag. The faster the break down the less likely we will hold 0.00005800 as support.
Note
Currently failing to get back into the wedge. Looks like it will hold 5800 SATs level though. Maybe wick down to 5600 SATs level. LOOM is bouncing back up every time BTC stalls.Note
5100 SATs absolutely in play now. We've broken and closed through 5800 SATs. Top of that wedge has been quite resistive. I would set small moonshot limit order around 4600 SATS about 25% depending on how greedy you want to be.That being said, its hard to judge how far it'll fall once we break through and close below 5000SATs since this coin is quite in its infancy. For that reason, I am out on trading this coin until i see a V-shaped recovery with massive volume or if it could build a nice base of support around 5100 SAT area. Look in 5-15 minutes time frame to see a V-shape recovery.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.