The long shadow of the supply candle has set the demand zone (green) between levels $ 25.84 - $ 30.00 and only a serious violation of this zone can turn against bulls. The consequence of this market behavior would be a fall in the price towards the golden trend line around the level of $ 20.00.
For now, however, there are no grounds to believe that the low of $ 25.84 is the end of the wave (2). Therefore, the rate should still be set on increases towards the supply zone (pink) after the peak at $ 40.00.
TREND AND IMPORTANT LEVELS:
Main trend: UP
Intermediate trend: UP
Daily trend: UP / NEUTRAL (continuation of the correction)
Key levels:
- for further increases - the level of $ 33.70 and later $ 35.50
- for continuing correction - level of $ 33.70 (resistance) and $ 25.84 (support)
- for the continuation of falls - the level of $ 25.84 and later $ 20.00
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The wave (2) might had been completed at the level of 21.83 and now the main scenario is a bullish impulsive wave progression to the upside. The nearest resistance is between the levels of 50% - 61% Fibo at 31.15 - 33.35 and only if this level is violated, the impulsive wave will unfold. Otherwise, the alternative scenario will be in play, in which this zone could be the top for the wave (B).
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The blue scenario is getting more probable now, as 50% Fibo provides the resistance. Keep an eye on 21.83.
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So far, LSKUSD has behaved almost as in a book, finishing the last wave of decline. After updating the scenario, it turned out the price has completed the correction of WXY in wave (2) and the show of the strength of the bulls, i.e. increases drawing a candle in the form of a hammer. It is possible that it will be the first wave of the newly emerging impulse wave up. If, however, the market is too weak to get out of the channel, then the market will once again unfold the corrective wave downward and WXY can evolve into WXYXZ in a wave (2).
Breaking the $ 17.00 level means invalidating the impulsive growth scenario.
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LISK fan club, are you keeping your fingers crossed? Because there is a new goal after the correction of wave B.