LRCUSD Update – Time to say goodbye for COINBASE:LRCUSD by TheTradingWoodworker

• I know that there are people from the Loopring Reddit who are reading my analyses, and this analysis is dedicated to them.
• With more data points, the descending parallel channel can now be better drawn. LRCUSD has not left the channel yet.
• Note that channel lines have measuring implications. Once a breakout occurs from an existing price channel , prices usually travel a distance equal to the width of the channel.
• *If* this is indeed an ABC correction, and the sub-waves add strength to this hypothesis, then breaking down below the parallel channel to the vicinity of $1.2 (depending on where the parallel channel is broken). This seems positioned to lead LRCUSD to a devastating H&S pattern.
• *However*, if this is not an ABC correction, and LRCUSD does indeed break out above the parallel channel , then even if she were to break out now, she will not re-establish a price above the previous ATH from this breakout alone.
• Even if LRCUSD breaks out to the upside, if she does not pump beyond her previous ATH and enter price discovery quickly, momentum will be lost and hopium will fade.
• If LRCUSD breaks out to the downside, then the dump will be ugly indeed.
• For long-term trading, LRCUSD no longer possesses even reasonable profit potential.
• For short-term traders, you may wish to short LRCUSD.
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