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Cryptocurrency
by Seth Parker on July 24, 2018

Lisk Analysis – Waiting for the breakout from the rectangle

Today Bitcoin is heading higher, most of the big cryptos are aiming north too but there are some smaller players, which do not have optimistic situation on the charts. One of the example is Lisk, which is very close to the mid-term lows. Was that weakness predictable? Let us look on our previous analysis about this instrument, which we wrote on the 4th of July:

“LSK created a bullish reversal pattern – double bottom (yellow). Formation is already active as the neckline (red) was broken two days ago. The closest target for now is the 6,7 USD (blue). „

As You can see, back in that day, we were bullish and we were looking forward for an upswing. It did not happen and instead of going north, price stuck inside of the sideways trend – a rectangle closed between the resistance on the grey area (6 USD) and the support on the yellow area (4,7 USD).

Lisk Chart

Currently, the price is testing the lower line of this formation, which creates a interesting buying opportunity. I would not go there though. I cannot see any demand here and it looks like the price is much closer to the breakout and to make new lows.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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