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LRCUSD trade ideas

LRCUSD at a critical point• LRCUSD has been in a descending parallel channel since her ATH on 10 Nov'21. • She seems to be in her last sub-peak of Correction Wave A. • Unless there is a sustained break out of the parallel channel, then the above two assumptions could not be invalidated. • LRCUSD has been behaving in a rather masochistic manner since her ATH. I was expecting a H&S instead of this prolonged pain. I suspect this is due to the hopium found in abundance in LRC's reddit threads. • There is a chance that she will break out above the parallel channel, new hopium will be injected, and a new ATH may be established. • However, there is a greater chance that this will not happen. *If she bounces off the topline back into the parallel channel*, then the hopium would persist, and LRCUSD will continue with her prolonged pain. • *If she breaks below the parallel channel*, then the hopium would run out, and that would be the start of the end. • This does not look good.
COINBASE:LRCUSD
by AlphaBravoCharlie77
4
LRC - Ready to retest ATHLRC has been trading down in a descending channel, which looks a lot like a bull flag. Which of the two it is I am not 100% sure as both patterns could be applied. Where I am a bit more certain of is the bullish potential after this breakout. What usually happens after a breakout is a retest of the channel / flag before the price continues its way up. The price went up and back to the trendline as far as possible, though a tough support is holding the price up for several hours already. Next to that the MACD lines have also crossed again, which usually means that further bullish potential is around the corner. Other than that the market is of course correlating with BTC, which is key to see some further movement here as well. I expect that based on the current chart that: A) The price will continue to trade around this level as the support does a pretty good job so far B) The price will see a strong increase as soon as BTC decides to move its way back up as well. My first price target is $3.59, after which I expect a small retracement followed by a retest of its ATH. From there it will be interesting to see whether the price goes further into 'price discovery' or whether it bounces again. As always, this is my view on the chart and not financial advice.
COINBASE:LRCUSDLong
by JoshAMS
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