Cryptocurrencies

LOOM technical analysis

LOOM seen from the temporality of 1D we can see how the bulls are trying to push the price above the low range of the accumulation structure to claim the support, we see how the current movement of the candles maintain an upward momentum, the low range is located at 1135, I have drawn on the chart the possible trajectory that could follow the price in the support claim, to get it and test it as support we should see the price reach without problems our first take profit located in 1881.

LOOM seen from the temporality of 1W we can observe from a broader perspective the bullish movement during this pullback, the bulls are doing a good job trying to claim the support to get the test of it and thereby break the high range of accumulation to start an uptrend.

LOOM seen from the temporality of 4H we can observe the curvature of the structure of candles during this bullish movement, it has been maintained making a series of HH and HL with two tests of the resistance of the 1135, if the price falls below the support of the curvature and confirms it we could see the price fall to the supports that I have indicated in the image above, the first support is located in the 995, the second support is located in the 940 and the third support is located in the 882.

In conclusion, the price has maintained a correct bullish movement after finding support in the 729, is now doing a pullback to claim as support the horizontal in the 1135, it would be advisable to find long entry once the price closes above that support and we have a correct test, our take profits are indicated in the chart above, if we do not get the reclaim, we would look for entry in the lower support.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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