Get started

LRC

LRC possible Ascending TriangleHello Traders and Happy Valentines Day! I hope you all enjoyed the Super Bowl game! I am from Detroit so this was great for me as it is probably the closest we will get to seeing a Super Bowl! Thanks Stanford, you deserve it! Analyzing Loopring we are hoping to see a formation of an ascending triangle. The last swing down presented a small amount of bullish divergence on the MFI on a daily time frame which often sends the price in the opposite direction reversing the trend. Of course this is only possible if the lower ascending trend line holds and price bounces from this line growing above the top resistance and holding it as support. Trading this pattern you’d want to look for volume growth of buyers coming in every time the price bounces off the lower ascending line. You can enter this trade in two areas. Both labeled on the chart. Entering at the bottom of the structure at the first labeled entry will get you a greater risk to reward within the trade. Adding to your trade after the break of the upper resistance is how I generally approach this pattern. One thing to note is this pattern will often present a false breakout of the top of the pattern as shown here. Keep this in mind when measuring the target which is just the distance of A to B added to the top of the pattern when and where the price breaks out. Generally this pattern is a continuation pattern yet, can be found in reversals also. Best luck with this trade and I hope this information has helped you understand this pattern better. Savvy
Long
by Savvythe1
2
LRC Channeling (sort of)I've attempted to read LRC last week, and kind of succeeded. Drawing an ascending channel from January 21st, LRC has reached the top of it. Coincidentally the price is in the Golden Pocket of the Fibonacci Retracement taken from the high of January 19th to the low of January 22nd. If there is a decisive brake down from the Golden Pocket, I expect LRC heading towards the 0.5 (~ 0.9462) Fibonacci Retracement level. Ideally that'll happen at the intersection of the Ascending Channel center line and 0.5 Fib retracement level. Two notable points of interest on the chart are: #1 The beginning of Daily Support channel, tested a few times since February 2021. Ranging from 0.91 to 0.7475 #2 Hourly Support since January 21st 2022. Ranging from 0.8716 to 0.8680 Support lines come into play if LRC reaches and breaks through 0.5 Fibonacci Retracement level. Target 1 = 0.5 Fib Retracement (~ 0.9462) When in trade I keep to a strict Risk Management plan and keep an eye on BTC This is my Thesis, targets are purely hypothetical based on my analysis. This is NOT Investment and/or Trading Advice. Happy Trades! BINANCE:LRCUSDT BYBIT:LRCUSDT FTX:LRCUSD
Short
by WhoIsWu