After the misunderstood Berlin Meetup last week, where the Rebranding date was announced for February, after which the price dropped 20% , followed today by the BTC reaching a new All-time-high at 9000 USD, we can slowly see a channel forming for LSK, channel that can be easily become a triangle, where the price can start swinging up and down around these levels for the winter months, until better news will come.
There is a potential fundamental news that can change that, this being the release of the Lisk SDK, which is a major milestone on the LSK roadmap. This is supposed to come in December, but there is no confirmation so far.
So, winter season for LSK, the price won’t do much, probably swing from the bottom to the top of the current channel – this can be used for potential small trades, if you need the rush...
- If you are already in LSK, nothing to do really, except maybe consolidate your position in case it goes to the trend support line.
- If you need an entry point for a position, look at the two entry points marked on the chart, below the current level, especially for the 70k levels, because of BTC, the price could drop there quickly before going up.
- We will need a clear confirmation by having a new high, to exactly if we have a triangle or a channel forming. After that you can have clearer first sell targets if you are into swing trading.
- For longer term targets, I would not sell anything because the SDK and the Rebranding news will most likely shoot up the price in the original uptrend that will go to 2x the current price.
Don’t forget why you are investing in LSK. I’m doing this for the long term, because I believe in the project and because I get to stake my LSK for additional 20% LSK passive income yearly. (LSK being a DPOS coin)
Thanks! If questions, let me know.