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Loopring / TetherUS PERPETUAL CONTRACT

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LRCUSDT.P trade ideas

LRC Update / Consolidation @ 3.26 and movement soonAs you can see in the chart a consolidation has formed around 3.26(white line) while still being in an up trend shown by the purple line that also acts as support. I'm certain that if it closes bellow the purple line we will start seeing some downtrend. To where? I don't know, but If that happens I believe the next consolidation will be around 2.83(red line). Volume is also having a downtrend as people are waiting for something to happen. You can also see clearly the wave patterns oscillating around the 3.26 consolidation slowly fading to a flat line almost. We should be seeing some movement soon. Not certain where it will go but overall I'm still bullish on it.
by notoriustrader
LRC USDT Note: First of all, candle closings in the upper box invalidate everything I wrote below and show that this analysis is wrong. If this box is not entered or this box is not passed, my thoughts below are valid. Analysis; Fibonacci measurement at 4H may suggest that this is an elliot wave. But I don't think it's the elliot wave. 1st wavelength is too long 2. sellers consolidated too much 3 indicator values seem too high to me. Fan intersections marked as circles on the graph should work as supports. Check the rsi when the price comes to each circle area. If the rsi in 4H still has not fallen below 35 or if the rsi has not fallen below 60 in the daily time frame, it is possible that the decline will continue. A good trade is the one in the last circle. Note: This is not Investment advice.
Short
by CryptoBrainn
2