Link recently had a massive pump by the hype surrounding the rebranding. But like most of the times, there was a massive dump when reality caught up with the hype. Lisk has had a violent dump, but perfectly retraced to the golden zone (between the 0.618 fib and 0.65) and immediately broke the downtrend it had since mid February.
The breakout is potentially starting a 5 wave elliot structure with the wave 1 already formed by the breakout, which led to profit taking (wave 2) and now holding perfectly at the 0.50 algo target (16000 SAT) even during the dramatic BTC crash going on.
It's key to keep an eye on the support zone & trend line to hold and see where it develops from here, but a break out is looking likely.
Every trade can fail, but as trader we play the odds and this is looking like a fantastic position.
If you want to reward me for the time I spend to research and TA and keep this going:
thanks. please update your thoughts. i had entered on the break and retest of downward trend line yesterday, but exited again today as the patern seems it may fail due to btc weakness. mostly i'm just watching what btc is doing right now. looking if btc will bounce around $8200 and see how it correlates with what lisk is doing.. long term i'm very excited about lisk and even have a nice stash that i am staking but for now wondering if an even better buy in can present. regards godzilla nakomoto!
Gojira-san
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@romeoalpha, a breakout will often retest the trend line on the opposite side once broken. If you like to be safer, buy once it confirms the bounce on the outside of the trend line. Looking like a great trade!
Gojira-san
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@romeoalpha, side note, LSK did not suffer 1 bit from any BTC drop so far. The maximum pullback during BTC crashes was around -0.5%