LRC, Handmaiden to ETH
Updated
Just a simple post to highlight 2 things:
1) The LRC pump is not over yet
2) LRCETH pumps often herald subsequent explosive ETHUSDT pumps
1) The LRC pump is not over yet
2) LRCETH pumps often herald subsequent explosive ETHUSDT pumps
Note
• While everyone is focusing on the LRCUSDT chart, the more important LRCETH chart is neglected.• The LRCETH pump is not over yet.
• However, much much more importantly, always plan ahead.
Note
Looking forward to the Dec close.Note
• That was a good monthly close. The descending parallel channel that LRCETH has been in since Apr'18 has held.• If history were any indication, then let's be patient and wait for the following (in no particular order): 1) LRCETH weekly close below the topline of the parallel channel; 2) LRCETH dumping; 3) ETHUSDT pumping.
• L2 is needed, and LRC's L2 protocol is a good one. But I can't figure any other reason why it needs to be tokenised except for profitability. That's not a bad reason to be honest, but I really wonder...
Note
• I'm not sure how much this will amount to, but this may be the first daily candle which both opened and closed below the topline.• What next?
• Some milestones to watch: 1) weekly close below the topline; 2) weekly open and close below the topline; 3) monthly open and close below the topline.
Note
• LRCETH indeed closed below the topline.• Daily open and close below the topline.
• The weekly is currently trying to break it (with low volume).
• Let's see if ETH can hold the line.
• If so, bullish for ETH and adds weight to the hypothesis that LRC is a liquidity handmaiden for ETH, euphemistically and metaphorically speaking.
Note
I must say that I am surprised by LRC. Let's see if it's a bulltrap or a genuine breakout.
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