LRC BUY
Based on the provided chart for LRC/USDT on a 1-day timeframe from Binance, here's a detailed trading plan:
### Entry Point
- **Entry Zone**: Between 0.2358 and 0.2521 USDT
- This range represents a significant support zone where the price is likely to find buying interest.
### Target (Take Profit) Levels
- **First Target (TP1)**: 0.3383 USDT
- This level is around the 61.8% Fibonacci retracement, which often acts as a strong resistance.
- **Second Target (TP2)**: 0.3792 USDT
- This level is a higher resistance zone and aligns with the 50% Fibonacci retracement.
- **Third Target (TP3)**: 0.4212 USDT
- This level corresponds to the 38.2% Fibonacci retracement and is a strong resistance area.
### Stop Loss
- **Stop Loss**: 0.1994 USDT
- This stop loss level is set below the support zone to protect against a deeper downside move.
### Key Levels and Observations
- **Resistance Levels**:
- 0.3383 USDT (61.8% Fibonacci retracement)
- 0.3792 USDT (50% Fibonacci retracement)
- 0.4212 USDT (38.2% Fibonacci retracement)
- **Support Levels**:
- 0.2521 USDT (current level within the entry zone)
- 0.2358 USDT (lower end of the entry zone)
### Technical Indicators
- **RSI**: Currently around 42.48, indicating a neutral to slightly bearish market sentiment with no strong overbought or oversold conditions.
- **Volume Profile**: Shows high trading activity around the entry zone, suggesting strong interest and potential support.
### Chart Patterns and Analysis
- **ABCD Pattern**: This pattern suggests that the price has completed a significant move and is likely to retrace to a Fibonacci level before resuming its trend.
- **Volume Profile**: Indicates a significant volume around the current price level, which often acts as a support zone.
### Trade Plan Summary
1. **Enter** the trade within the 0.2358 to 0.2521 USDT range.
2. **Set Stop Loss** at 0.1994 USDT to manage risk.
3. **Target Levels**:
- **First Target (TP1)** at 0.3383 USDT.
- **Second Target (TP2)** at 0.3792 USDT.
- **Third Target (TP3)** at 0.4212 USDT.
Always remember to manage your risk appropriately and adjust your trade parameters based on market conditions.
### Entry Point
- **Entry Zone**: Between 0.2358 and 0.2521 USDT
- This range represents a significant support zone where the price is likely to find buying interest.
### Target (Take Profit) Levels
- **First Target (TP1)**: 0.3383 USDT
- This level is around the 61.8% Fibonacci retracement, which often acts as a strong resistance.
- **Second Target (TP2)**: 0.3792 USDT
- This level is a higher resistance zone and aligns with the 50% Fibonacci retracement.
- **Third Target (TP3)**: 0.4212 USDT
- This level corresponds to the 38.2% Fibonacci retracement and is a strong resistance area.
### Stop Loss
- **Stop Loss**: 0.1994 USDT
- This stop loss level is set below the support zone to protect against a deeper downside move.
### Key Levels and Observations
- **Resistance Levels**:
- 0.3383 USDT (61.8% Fibonacci retracement)
- 0.3792 USDT (50% Fibonacci retracement)
- 0.4212 USDT (38.2% Fibonacci retracement)
- **Support Levels**:
- 0.2521 USDT (current level within the entry zone)
- 0.2358 USDT (lower end of the entry zone)
### Technical Indicators
- **RSI**: Currently around 42.48, indicating a neutral to slightly bearish market sentiment with no strong overbought or oversold conditions.
- **Volume Profile**: Shows high trading activity around the entry zone, suggesting strong interest and potential support.
### Chart Patterns and Analysis
- **ABCD Pattern**: This pattern suggests that the price has completed a significant move and is likely to retrace to a Fibonacci level before resuming its trend.
- **Volume Profile**: Indicates a significant volume around the current price level, which often acts as a support zone.
### Trade Plan Summary
1. **Enter** the trade within the 0.2358 to 0.2521 USDT range.
2. **Set Stop Loss** at 0.1994 USDT to manage risk.
3. **Target Levels**:
- **First Target (TP1)** at 0.3383 USDT.
- **Second Target (TP2)** at 0.3792 USDT.
- **Third Target (TP3)** at 0.4212 USDT.
Always remember to manage your risk appropriately and adjust your trade parameters based on market conditions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.