$LISK #LSKBTC - THE MOST INTERESTING CHART PATTERN OF THE WEEKHello Lads and Ladies,
Today we are looking into LSKBTC which is mentioned almost daily in the frequent discussions.
Starting mid February and ending in the begging of April LSKBTC has been in a very strong downtrend. From such a heavy downtrend it is normal that cryptos tend to make a move sideways with a slight increase and not make any big moves too fast. As wee see it charted there is a green increasing resistance line, that can be taken as an indicator for the new uptrend. ANYHOW the chart is still affected by the previous downtrend which we see it locating itself in the red decreasing triangle. Here it is very interesting to see how the chart movement from the beginning of the year still has an affect on the chart and everything else just seems to be a big breakout which was doomed since the beginning (pay a close look how far the decreasing red triangle is reaching back).
Luckily we are relatively coming to an end of this "triangle of doom" as I like to call it sometimes. The chart is right now pretty much in the middle of it, it has to decide where to go and if it ready to leave this triangle or will it still follow it. The crucial point about this is that if it leaves the triangle, we might see a new trend. The possibility that it breaks down lies at around 40% here it would most likely fall down to the 52000 crucial support. Yes, it would have a major bounce back, but it would take a lot of energy and volume to turn that into a real uptrend.
Therefore, the better bullish scenario would be if it leaves the triangle towards the slight uptrend. Here the chance that this happens lies around 60% since the downtrend is now very long/stretchy and really not that effective anymore, which indicates a good turning point. Therefore, in case of a bullish movement the chart should locate itself at the green ellipse area, just a temporary stop and stay around this level to confirm the uptrend. This also gives it the chance of following a very nice channel, which you can see with the green arrows. Also keep in mind that when it leaves the triangle it will at least touch the uptrend line, so the longer it takes for it to leave it, the bigger gains are awaiting you.
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Cheers, Tomas
