LSK current price is 0.6768. After this violent rally and surge upward, in the short term I prioritize looking bearish.
This long upper-wick candlestick already shows that heavy sell pressure is building overhead. After funds pushed the price up to the 0.7092 high point, a large amount of profit-taking orders escaped the market. The first overhead resistance zone is right around 0.69–0.71. As long as the price cannot regain and hold above 0.71, a rebound into this range is a good opportunity to short.
Place the stop-loss above 0.72. Once the price breaks through the previous high again, it indicates that long positions’ capital has entered once more, and then the bearish thesis should be discarded.
The first target below is around 0.55, and the second support target is 0.40.
This short-term blowout rally has accumulated a huge amount of realized profit. As long as the bulls lack the strength to keep making new highs and profit-taking continues to get cashed out, the price is highly likely to gradually pull back.
For this kind of short-term “double”行情, never chase longs. The risk of a high-to-low reversal is too great.
$LSK
This long upper-wick candlestick already shows that heavy sell pressure is building overhead. After funds pushed the price up to the 0.7092 high point, a large amount of profit-taking orders escaped the market. The first overhead resistance zone is right around 0.69–0.71. As long as the price cannot regain and hold above 0.71, a rebound into this range is a good opportunity to short.
Place the stop-loss above 0.72. Once the price breaks through the previous high again, it indicates that long positions’ capital has entered once more, and then the bearish thesis should be discarded.
The first target below is around 0.55, and the second support target is 0.40.
This short-term blowout rally has accumulated a huge amount of realized profit. As long as the bulls lack the strength to keep making new highs and profit-taking continues to get cashed out, the price is highly likely to gradually pull back.
For this kind of short-term “double”行情, never chase longs. The risk of a high-to-low reversal is too great.
$LSK
