Key Highlights For March 8, 2019
- The price of LBRY Credits (LBC) reached a high of $0.029 on Feb 23
- It made a low of $0.023 on Mar 4
- It is trading inside an ascending triangle
- There is some bullish divergence in the RSI
- There is support near $0.023
- There is resistance near $0.0255, $0..0266 and $0.0286
Ascending Support Line
The price of LBC on Bittrex is analyzed at 30-minute intervals from Mar 4 to Mar 8. The price made a low of $0.023 on Mar 4. A gradual upward move started. Several rises and dips followed with each dip representing a higher low than the last. Connecting these successive highs gives us the ascending support line. The dates in which the line was touched are:- Mar 4
- Mar 5 (twice)
- Mar 8
Creating The Triangle
The price first reached $0.0253 on Mar 5. It returned to this same value five more times over the next several days. Connecting these highs creates a horizontal resistance line. The dates on which the line was touched are:- Mar 5 (Twice)
- Mar 6
- Mar 7 (twice)
- Mar 8
Bullish Divergence
The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market. Combining RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations. The price made a low of $0.0246 on Mar 7. It made a lower low of $0.0245 on Mar 8. The RSI made a low on Mar 7; however it made a lower high on Mar 8. This is called bullish divergence, it often precedes breakouts in price. Nonetheless, the amount of divergence, in this case, is not very significant. While a breakout remains possible, it’s not incredibly likely. Furthermore, breakouts which do occur are likely to return into the triangle. This has been the pattern with other recent breakouts.Previous Breakout
To further investigate the possibility of maintained price increases, the price of LBC on Bittrex is analyzed at one-hour intervals from Feb 24 to Mar 8. The price made a high of $0.029 on Feb 24. A gradual drop ensued. Price made lower highs since. Tracing these highs gives us the descending resistance line. The dates on which the line was touched are:- Feb 24
- Mar 2
- Mar 3
- Mar 4
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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