(LRC:BTC) Loopring Falling Wedge Breakout
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Overview:
LRC looks like it has been in a falling wedge structure since July 2019. After forming an inverse head and shoulders with some lower MA's crossing, it looks like it could be ready for a move. Be careful with trading Alts whilst Bitcoin is like this. A parabolic BTC move will wreck alts.
Breakout Analysis:
Daily 9MA crosses 20MA
Daily 9MA about to cross 50MA
Daily close above Daily EMA Ribbon. Lower MA's on EMA Ribbon are starting to cross upwards indicating a bullish move.
Broke out of the first resistance of the falling wedge (shaded triangle) while forming an inverse Head & Shoulders
The right shoulder has found support on the wedge and is looking to test a significant line of resistance that has been support on the 13th of May 2019 and the 20th of Nov 2019 (top descending red line).
Macd Bullish.
RSI Bullish.
"Loopring's Vision and Objectives"
Blockchain technology empowers real ownership - ownership of digital assets, and soon, ownership of legacy financial and physical assets as well. This technology and the cryptoassets it supports have upended traditional notions of currency and will establish the foundation of the next generation of finance.
Ironically, however, most cryptoasset holders still trade these assets on Centralized Exchanges, or CEXes, temporarily giving up their ownership (keys) to intermediaries, and eschewing a primary benefit & virtue of the asset itself. Over the years, users have lost more than two billion USD worth of cryptoassets on these custodial platforms. More depressingly, it is often difficult to distinguish if assets were stolen by external hackers or an inside job by malicious owners.
We believe that cryptoasset trading should be and will be risk-free and worry-free in terms of custody. Traders should have strong cryptographic guarantees that their assets cannot be wrongfully taken from the platforms where they trade - not by hackers, not by exchange owners, and not even by state-level adversaries. The solution is to trade on non-custodial exchanges, also referred to as Decentralized Exchanges, or DEXes - powered by the underlying blockchains & smart contracts where these assets natively live.
We also envision that trading cryptoassets on DEXes will be less expensive compared to CEXes, because security is essentially outsourced to the blockchain and cryptographic processes, instead of large, expensive, fallible human teams. These cost savings can be passed through to users. Finally, liquidity will be more fluid, able to be aggregated at a much larger scale, if not globally.
LRC looks like it has been in a falling wedge structure since July 2019. After forming an inverse head and shoulders with some lower MA's crossing, it looks like it could be ready for a move. Be careful with trading Alts whilst Bitcoin is like this. A parabolic BTC move will wreck alts.
Breakout Analysis:
Daily 9MA crosses 20MA
Daily 9MA about to cross 50MA
Daily close above Daily EMA Ribbon. Lower MA's on EMA Ribbon are starting to cross upwards indicating a bullish move.
Broke out of the first resistance of the falling wedge (shaded triangle) while forming an inverse Head & Shoulders
The right shoulder has found support on the wedge and is looking to test a significant line of resistance that has been support on the 13th of May 2019 and the 20th of Nov 2019 (top descending red line).
Macd Bullish.
RSI Bullish.
"Loopring's Vision and Objectives"
Blockchain technology empowers real ownership - ownership of digital assets, and soon, ownership of legacy financial and physical assets as well. This technology and the cryptoassets it supports have upended traditional notions of currency and will establish the foundation of the next generation of finance.
Ironically, however, most cryptoasset holders still trade these assets on Centralized Exchanges, or CEXes, temporarily giving up their ownership (keys) to intermediaries, and eschewing a primary benefit & virtue of the asset itself. Over the years, users have lost more than two billion USD worth of cryptoassets on these custodial platforms. More depressingly, it is often difficult to distinguish if assets were stolen by external hackers or an inside job by malicious owners.
We believe that cryptoasset trading should be and will be risk-free and worry-free in terms of custody. Traders should have strong cryptographic guarantees that their assets cannot be wrongfully taken from the platforms where they trade - not by hackers, not by exchange owners, and not even by state-level adversaries. The solution is to trade on non-custodial exchanges, also referred to as Decentralized Exchanges, or DEXes - powered by the underlying blockchains & smart contracts where these assets natively live.
We also envision that trading cryptoassets on DEXes will be less expensive compared to CEXes, because security is essentially outsourced to the blockchain and cryptographic processes, instead of large, expensive, fallible human teams. These cost savings can be passed through to users. Finally, liquidity will be more fluid, able to be aggregated at a much larger scale, if not globally.
Note
Loopring's objective is to design and engineer the best-in-class orderbook-based DEX protocol on Ethereum. With Loopring v3 - using a cutting-edge construction called zkRollup - we have achieved this. We wish to make this infrastructure available for the entire industry, powering people and projects to build highly scalable non-custodial crypto-exchanges, and improving cryptoasset holders' overall trading experience and peace of mind. Satisfying owners, users, and regulators, we expect that our effort will accelerate the adoption of blockchain technology and cryptocurrencies.Note
LRC had massive trading potential.
Parabolic pop and re-test to 618 fib before a second run.
Hope you had fun.
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