Lisk Nearing Possible Strong Move Up - 50%+ on first move up
LSKBTC is one of those coins that has steadily declined by almost 99% of it's value since its heady high of 21,300 Satoshis in January 2018 to its current level of around 400 sats today.
Rewind 12 months and the coin launched 240% over the course of 13 days following its exit from a bullish descending wedge 19 days prior.
That scenario is now repeating itself as Lisk is 15 days clear above the down trend of a similar descending wedge.
There are some key differences however:
Lisk now needs to stay above 400 sats and continue to print higher highs that get the attention of the market
Of course nothing is guaranteed so a couple of words of warning are appropriate:
1. While the above scenario may play out, the chart could also be seen to have printed a bear flag with a target around 150 sats
2. At any time Lisk may find itself the subject of a coordinated pump as we've seen happen repeatedly in recent days. If that happens all rational targets will go out the window.
3. Bitcoin can (and often does) ruin even the best altcoin setups.
Happy trading!
Rewind 12 months and the coin launched 240% over the course of 13 days following its exit from a bullish descending wedge 19 days prior.
That scenario is now repeating itself as Lisk is 15 days clear above the down trend of a similar descending wedge.
There are some key differences however:
- In Jan 2020 a bullish divergence in the RSI resulted in a powerful bullish break of the wedge. This time lower highs on the RSI saw a bearish breakdown of the normally bullish pattern. That bearish break has failed and the chart has now printed candles that perfectly climbed around the tip of the wedge and above the overhead resistance. Due to the weaker sentiment this time around, expect a more subdued beginning to the run.
- A strong convergence of horizontal and the overhead downtrend resistance that stopped the 2020 run will meet the coin at around 630 satoshis (53% profit). I expect it to be rejected on the first encounter and retrace to find support around 460 sats before moving up higher.
Lisk now needs to stay above 400 sats and continue to print higher highs that get the attention of the market
Of course nothing is guaranteed so a couple of words of warning are appropriate:
1. While the above scenario may play out, the chart could also be seen to have printed a bear flag with a target around 150 sats
2. At any time Lisk may find itself the subject of a coordinated pump as we've seen happen repeatedly in recent days. If that happens all rational targets will go out the window.
3. Bitcoin can (and often does) ruin even the best altcoin setups.
Happy trading!