LBCBTC update chance for Re-enter once againBig bullish candle marked on chart created very strong support which is nicely respected by market. In my opinion pair is going towards psychological round number which in this case is 10k.
It is very common that big bullish or bearish candles are creating support/resistance level at :
1. top of body
2. bottom of body
3. 50% of retracement from top to bottom of the body.
I think market created very good opportunity to re-enter with relative low risk.
Lbry
LBCBTC significant area to enter with low risk Visible GAP from beginning of November has established strong resistance which hold the price below this level for the past 4 months. Chart shows two rejections on 4H and Daily interval with nice double top formation with accompany of doji candles. Pair has stopped depreciation around strong psychological level 0.0000100000 between mid of February to mid of March which results in trend reversal with sharp movement towards north. GAP support is tested on Daily chart for time being. There are also two more important signals which 50% retracement plus round number 0.000040000 which is slightly below GAP.
----->If the GAP hold further losses and push pair above this level it will be solid signal to go long with relative low risk compare to potential profit.
SL is set just below of Daily candle and TP around 0.000100000 and I think it is very possible that it will reach 200 ema and it is wise in my opinion to close position.
LBC goes up Major support line at .00005 currently, I believe it may hit the target of .00015 around mid-late april. Stop loss at .000045 is a good idea.
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The early access to the application according to plan it is in April. So an uptrend is expected along the way for this and next month. Plus, there's plenty of uncertainty in BTC right now it is a good idea to hedge on LBRY. My opinion, LBRY has a very good concept of working instead of being a cryptocurrency only. It provides a decentralized, censorship-free sharing platform. I do believe in core value of LBRY Credits.
Best regards,
Vern
