Market & Ticker: Loopring – LRC/USDT
Date: 08/08/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
LRC is progressing in trading range close to the historical bottom price. The current configuration is calling for an extension of the range with a direct upside swing towards 0,354 and 0,50 (upper part of the range)
The scenario is to buy the dip on current level to catch a volatile upside move towards 0,0,2830 and 0,3540 corresponding to the auto similarity potential as long as 0,2050 remains a support valid in daily close. An extension of the swing towards 0,50 is likely on the mid-term
Technical Key Elements:
- Trading range between 0,2050 and 0,50
- RSI indicator is about to confirm a new bullish momentum
- The Moving average are still acting as resistance on current level
- Fibonacci key support is adjusted at 0,2050 while the Elliot wave shows upside potential towards 0,2830 and 0,3540
Trade Idea conclusion: Buy - Conviction:
 | | Medium |
Target 2: 0,3540
Target 1: 0,2830
Buy: add in dip area 0,2290
Stop: 0,2050 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
The content in this channel is not investment advice but information to help you make the best decisions.. DYOR