Breakout of a 6 month descending channel

13 dic 2019

It appears as though after 6 months in this falling channel that we have found some relief. Might be a little early to tell, but there have been good indicators over the last few days. Note that in the last two months we have had the highest volume of 2019. Further, note the last three days have broken above the upper trend line and have been testing that line for support the last 12 hours or so, which it appears we have support. The MACD and the MA's aren't giving any big buy or sell indicators, but I believe now is a good time to buy in, especially with the price so low and the potential very high. I would also like to point out from June until now we have been forming the left half of a parabola very nicely. This could indicate that the price at the end of this parabola in roughly June of 2020 will be the same place as the price in June of this year. If that is true, and we are in fact beginning a new upward trajectory having just broken out of the falling channel, we could see gains of approximately 4x our current price by next June. I have set up buys at at lower levels, though I don't imagine we will see much lower than this (though I have been wrong before) and set up sells based on a percentage of my holdings up through the end of what I suspect is a parabola. It is still a good idea to HODL most of LOOM, as this is in my opinion a very promising long term asset, especially given the L2 solutions that are being rolled out next year as well as the amount of LOOM currently staked.