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Lrcusdtlong

LRCUSD is getting off her bed• As LRCUSD enters Wave 5 and starts to reach for her 2nd and probably final top in this bullrun, it is worthwhile to update our post on LRCUSD. • Trading is primarily a matter of managing one’s emotions in the context of risk-reward management. FA is a tool to identify opportunities. TA is a tool to quantify and thus visualise potential growth and areas of profit taking. • Besides contributing to the community, sharing posts on TradingView is also a good way to document one’s thoughts so as to prevent FOMO and FUD as emotions get high near TPs. • Back to TA, given that LRCUSD has woken up, it is now time to focus on profit taking. I don’t think LRCUSD has peaked yet, but it is good to plan ahead. • *Assuming* we are currently in Wave 5, keep in mind that according to Elliot Wave Theory, there would be 2 intermediate peaks within Wave 5. I believe we have already seen both of them—the 1st on 5 Nov’21 and the 2nd on 8 Nov (it’s easier to see them on the 4hourly with Heikin Ashi candles). • I’ve filled in 3 sets of Fib levels. The 1st from crypto winter (Jan’18 to Mar’20), the 2nd from Wave A-C (Feb’21 to Jul’21), and the 3rd from Wave 3-4 (2-4 Nov’21), with the more recent Fib levels being brighter in colour. Note how well these Fib levels have served as support and resistance. • As indicated in our previous post on LRCUSD, she has been consolidating after forming her 2nd intermediate peak. This is healthy and will confirm the current resistance as support. • My gut tells me that LRCUSD will punch through the resistance levels at around $2.81. But watch volume and momentum during this breakout. • My gut also tells me that LRCUSD will break out of the parallel channel she has been in since Mar’20 and enter heavy resistance between $3.48 to $4.92. We should be taking profits within this region. • Note RSI levels. **Re-evaluate TPs when LRCUSD hits *and* exceeds RSI(14) of 90% on the daily *and then* the weekly. Given how RSI is calculated, cf Wilder’s New Concepts in Technical Trading Systems, this might take several days from now. Don’t burn out. Take profits on the way up **and** on the way down. • At the same time, don’t forget fundamentals. LRCUSD’s top might be heralded by an announcement on a partnership with GME or ETH. Don’t forget LRC’s role wrt to ETH. There are interesting things happening on the ETHBTC chart.
BINANCE:LRCUSDLong
by AlphaBravoCharlie77
35
LRCUSD is rubbing her eyes - Update on LRCUSD• LRCUSD’s recent price action has been enlightening. This is just an update. • Some background and FA first. As BTCUSD crossed her 1.618 Fib of the crypto winter before this bull run, besides DCAing BTC, I started hunting for altcoins to fill my bag in preparation for the eventual ETH pump towards the end of this bullrun. ETH is a much safer investment than altcoins, and the potential ROI makes much more sense than BTC, so my overall strategy is to buy alts related to ETH during the dip, and then swing to ETH when the latter breaks key resistance levels towards the end of this bullrun. ETH is an excellent technology, but current gas prices are exorbitant. LRC’s zkRollup Layer2 helps solve this issue and path the way for ETH’s eventual pump. It was a no brainer to fill my bag with LRC in Jul’21. • Anyway, back to TA, a brief summary. • LRCUSD reached her peak during the previous bullrun at the 5.764 Fib level measured from top to bottom of her mid-cycle consolidation phase. • *Assuming* LRCUSD will not dump to 0.17ish levels again, the 5.764 Fib level measured from the LRCUSD’s 1st peak to the bottom of her mid-cycle consolidation phase will bring us to approximately $4.5. • LRCUSD has been in a parallel channel since Mar’20. *Assuming* LRCUSD reaches $4.5 and *assuming* this will be reached at the topline of this parallel channel, $4.5 will be reached around 14 Jan’22. This aligns with my gut sense that this bullrun will end by Mar’22 and the observation that LRCUSD leads the market, peaking before BTCUSD and ETHUSD (the latter reason is yet another good reason to invest in LRC and then swinging to ETH). • LRCUSD’s recent price action has been interesting. She does not acquiesce herself to momentum indicators that well (or maybe I’m just bad at short-term trading), but she has obeyed Fib levels quite well. *Assuming* LRCUSD does not dump below the 1.618 Fib level of $1.05, and *assuming* we have just witness Wave 4, the 5.764 Fib level from top to bottom of Wave 4 will bring us to $4.9, a level very near the previous $4.5. *Assuming* LRCUSD reaches $4.9 at the topline of the parallel channel will bring us to LRCUSD reaching this level at around 6 Feb’22, which is reasonable given our assumptions regarding LRCUSD leading and this bullrun ending by Mar’22. • Watch RSI levels too. It is not surprising that LRCUSD is consolidating after hitting a daily RSI of 90%, as she has done so throughout her history. However, LRCUSD’s price action has always been extremely violent, and it is too risky to engage in short-term trades (or at least if you are as bad as short-term trades as me). Trade macro, and hodl till LRCUSD reaches she reaches weekly RSI of 90%, where LRCUSD historically peaks during her bullrun. • In summary, **the range of $4.5 by 14 Jan’22 to $4.9 by 6 Feb’22 gives us something to shoot for, **watch the weekly RSI level of 90% to swing to ETH, and **this thesis is needs updating if LRCUSD breaks below $1.05, or **LRCUSD breaks the trendline linking her peaks on 12 Feb'21, 12 May'21 and 29 Aug'21, or **LRCUSD breaks below $1.05, or **LRCUSD breaks below the parallel channel.
BINANCE:LRCUSDLong
by AlphaBravoCharlie77
2
Time for sleeping LRCUSD to wake up• Just a chart to show the similarities between this and the previous bullrun for LRCUSD. • LRCUSD has been in a parallel channel on the weekly since Mar’20. • LRCUSD reached the top of this channel in Feb’21, and its bottom in Jul’21. • Using the same fib levels, and similarly applying from peak of bullrun phase 1 to bottom of mid-cycle consolidation phase, the same fib levels hit the top of the channel at approximately the same time (alts-ETH) are projected to peak. • Hodl till $4.34 for up to a 12X potential. • Watch weekly RSI; volume should pump when weekly RSI hits ~70.
BINANCE:LRCUSD
by AlphaBravoCharlie77
2