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LOOM Hits Support, Will It Bounce? Altcoins Market AnalysisLoom Network is bouncing from very strong support, marking a triple bottom. But, will LOOMBTC be able to move up from here or will it go lower? Feel free to hit like to find out, and let's continue with this chart analysis. Before we get started, let me clarify a small detail. We call altcoins all the alts that are available for trading on Binance, Bittrex, Poloniex, HitBTC, Huobi, KuCoin, and all other exchanges with the exception of CoinMakertCap Top10. These Top 10 we call by name, like Bitcoin, Ethereum, Ripple, etc., rather than naming them just "altcoins". There are thousands of cryptocurrency projects that fall in the category of altcoins and most of these altcoins have very low market cap. compared to the Top 10. So these move differently, so we label them in different categories. So when you see me mentioning "Altcoins", I am talking about all these medium and small-sized cryptocurrency/altcoins projects, such as the ones I write about in this channel. Now, getting back to Loom Network (LOOMBTC) and this chart analysis... Will it move up from here? What about the rest of the Binance altcoins that are bouncing on support? The market is waiting to see how Bitcoin (BTCUSD) will move, will it continue up or fall. The conventional mindset is set on the fact that the altcoins most drop if Bitcoin drops, but this doesn't have to be the case. Altcoins drop when Bitcoin drops if the market is in a full bear cycle, but in a bull cycle, the altcoins rise when Bitcoin drops; why is that? As the market enters a bull cycle and the altcoins have huge potential for moving up, when money leaves Bitcoin it flows to the altcoins. So if we are to enter, or entering, a bull cycle, we can expect to see something different this time around. This time around we might see altcoins make a big jump when/if Bitcoin drops, if the market is to turn bullish long term (bull market). If we are going to see a continuation of the bear market, new lows for Bitcoin and altcoins as well, then you can expect the altcoins to drop if Bitcoin also fails. What's your take on this perspective? Share your thoughts in the comments section below. Thanks a lot for reading. This is Alan Masters. Namaste.
L
by AlanSantana
1
LOOMBTC! Ascending Triangle!LOOMBTC! Bullish Ascending Triangle! Ascending Triangle: Identification Guidelines Characteristic: The price trend can be in any direction leading to the chart pattern. The shape is triangular and prices move between two converging trendlines where two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward. Crossing price must cross the pattern from side to side, filling the triangle with price movement, with no white space. Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks. Volume trends downward 80% of the time. Breakout upward 63% of the time and 62% of the way to the triangle apex (upward breakouts) and 63% of the way for downward breakouts. Time Frame: Daily Chart Long My Targets: Probability can change base on BTC actions. Possible Entry: What I'm looking for: .00000888 - .00000940 Resistance needed to break with candle close .00000940 Targets: Can exceed or not meet expectation 1 .00001040 2 .00001259 Stop: Base on a Daily Candle Close. .00000836 Please remember to DYOR and this is not financial or investment advice. It's my targets for the market at this moment. Please let me know what you think of my technical analysis and thank you.
LLong
by DJ123