Hello traders! Let’s look at Lisk coin against the Bitcoin. Below is an LSK/BTC weekly chart. Price is trading within the corridor and recently rejected the upper resistance. At the same time, there was a clean bounce off the 50 Exponential Moving Average. Price has produced a large spike above the 50 EMA, although it failed to close above.
This just shows the lack of the bull power, which could, once again, result in a long term downtrend continuation. But the upper resistance could be broken and must be watched closely for a potential trend reversal.
Currently there is a resistance at 50% Fibonacci retracement level, which is 0.0001752 BTC. It looks like LSK/BTC also found the support at 0.0001251 BTC, where it rejected the uptrend trendline cleanly. All-in-all, there were clean bounces off the support as well as resistance, which goes to show the absence of the trend in the medium term.
On the other hand, the Weekly chart is in favor of a downside movement and we might see a price drop towards 23.6% Fibs at 0.0001172 BTC, or towards all-time low established in December 19.2019, which is at 0.0000654.
Bias: Bearish while below 0.0001752 BTC
Potential Resistance Zone: 0.000160 – 0.000175
Potential Targets: 0.0001172, 0.0000654
Have a profitable trading!