LRCUSD Strong support and recurring bullish pattern.
Loopring is having one of the strongest rebounds currently after the weekly sell-off. Technically it remains within a long-term bullish Fibonacci Channel since the March 2020 COVID crash and every test of the Channel's Support has led to a Higher High on the next Fibonacci extension level.
This week also formed a Bearish Cross between the 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line). Even though that is technically a bearish formation, last time that took place, while the price hit a Diverging Higher Lows trend-line (dashed lines), LRCUSD rebounded to a Higher High.
With the 1D RSI historically oversold (last time it was that low was on November 21 2019), I am expecting a very strong 3 month rally at least towards the Fibonacci 2.0 extension level, potentially even Fib 2.5 as a Higher High of the Channel.
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This week also formed a Bearish Cross between the 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line). Even though that is technically a bearish formation, last time that took place, while the price hit a Diverging Higher Lows trend-line (dashed lines), LRCUSD rebounded to a Higher High.
With the 1D RSI historically oversold (last time it was that low was on November 21 2019), I am expecting a very strong 3 month rally at least towards the Fibonacci 2.0 extension level, potentially even Fib 2.5 as a Higher High of the Channel.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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