LRC is Setting Up BIG!
Loopring (LRC) is presenting an excellent opportunity with a confluence of technical factors aligning at the old high demand zone. This area holds significant importance as it combines the strength of a multi-tap demand zone with a Fibonacci retracement level, enhancing its reliability for a potential bounce.
Why the Old High Demand Zone is Key
3-Tap Test:
The price has tapped into this demand zone multiple times, signaling its strength as a support level. Each tap reinforces the zone, indicating buyer interest and the likelihood of a reversal from this level.
Historical Significance:
This zone corresponds to a previous high where LRC established strong momentum. Retesting old highs as support is a common bullish continuation pattern, suggesting this area is crucial for price stability.
Fibonacci Confluence:
The demand zone aligns perfectly with a key Fibonacci retracement level (e.g., 0.618 or 0.786). Fibonacci levels are widely respected in the market, making this zone even more attractive for an entry.
Why This Setup Stands Out
High-Probability Reversal: The confluence of factors increases the likelihood of a strong bounce, making it an ideal point to join the trend.
Low Risk, High Reward: Entering near this zone offers a tighter stop-loss and greater upside potential if the price rebounds.
Market Structure Support: The demand zone holds significance in maintaining the bullish structure of LRC.
How to Approach This Trade
Spot Buy at the Demand Zone: Place buy orders within the old high demand zone, ensuring you're positioned at this critical level.
Watch for Confirmation: Look for bullish price action, such as candlestick patterns (e.g., hammer or engulfing candles) or increasing volume near the zone.
Set a Stop-Loss: Place a stop-loss slightly below the demand zone to protect against invalidation.
Hold for a Fibonacci Extension: If the price bounces, aim for higher Fibonacci extension levels as potential targets.
I keep my charts clean and simple because I believe clarity leads to better decisions. Trading doesn’t have to be overly complicated, and I enjoy sharing setups that have worked well for me.
My approach is built on years of experience and a solid track record. I don’t claim to know it all, but I’m confident in my ability to spot high-probability setups. It’s all about learning and growing together as traders, and I’m here to share what I see.
The markets can confirm what the charts whisper if we’re paying attention. I hope these levels help you as much as they’ve helped me in the past. Let’s see how this plays out!
Tip of The Iceberg
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💎 ETHUSDT.P: Where to Retrace
🟢 BNBUSDT.P: Potential Surge
📊 BTC Dominance: Reaction Zone
🌊 WAVESUSDT.P: Demand Zone Potential
🟣 UNIUSDT.P: Long-Term Trade
🔵 XRPUSDT.P: Entry Zones
🔗 LINKUSDT.P: Follow The River
📈 BTCUSDT.P: Two Key Demand Zones
🟩 POLUSDT: Bullish Momentum
Why the Old High Demand Zone is Key
3-Tap Test:
The price has tapped into this demand zone multiple times, signaling its strength as a support level. Each tap reinforces the zone, indicating buyer interest and the likelihood of a reversal from this level.
Historical Significance:
This zone corresponds to a previous high where LRC established strong momentum. Retesting old highs as support is a common bullish continuation pattern, suggesting this area is crucial for price stability.
Fibonacci Confluence:
The demand zone aligns perfectly with a key Fibonacci retracement level (e.g., 0.618 or 0.786). Fibonacci levels are widely respected in the market, making this zone even more attractive for an entry.
Why This Setup Stands Out
High-Probability Reversal: The confluence of factors increases the likelihood of a strong bounce, making it an ideal point to join the trend.
Low Risk, High Reward: Entering near this zone offers a tighter stop-loss and greater upside potential if the price rebounds.
Market Structure Support: The demand zone holds significance in maintaining the bullish structure of LRC.
How to Approach This Trade
Spot Buy at the Demand Zone: Place buy orders within the old high demand zone, ensuring you're positioned at this critical level.
Watch for Confirmation: Look for bullish price action, such as candlestick patterns (e.g., hammer or engulfing candles) or increasing volume near the zone.
Set a Stop-Loss: Place a stop-loss slightly below the demand zone to protect against invalidation.
Hold for a Fibonacci Extension: If the price bounces, aim for higher Fibonacci extension levels as potential targets.
I keep my charts clean and simple because I believe clarity leads to better decisions. Trading doesn’t have to be overly complicated, and I enjoy sharing setups that have worked well for me.
My approach is built on years of experience and a solid track record. I don’t claim to know it all, but I’m confident in my ability to spot high-probability setups. It’s all about learning and growing together as traders, and I’m here to share what I see.
The markets can confirm what the charts whisper if we’re paying attention. I hope these levels help you as much as they’ve helped me in the past. Let’s see how this plays out!
Tip of The Iceberg
🐶 DOGEUSDT.P: Next Move
🎨 RENDERUSDT.P: Opportunity of the Month
💎 ETHUSDT.P: Where to Retrace
🟢 BNBUSDT.P: Potential Surge
📊 BTC Dominance: Reaction Zone
🌊 WAVESUSDT.P: Demand Zone Potential
🟣 UNIUSDT.P: Long-Term Trade
🔵 XRPUSDT.P: Entry Zones
🔗 LINKUSDT.P: Follow The River
📈 BTCUSDT.P: Two Key Demand Zones
🟩 POLUSDT: Bullish Momentum
Professional Day Trader
Microstructure Practicioner
t.me/umuttrades
Microstructure Practicioner
t.me/umuttrades
Related publications
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.
Professional Day Trader
Microstructure Practicioner
t.me/umuttrades
Microstructure Practicioner
t.me/umuttrades
Related publications
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.