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LRC/USDT (Futures) Potential Downward Movement

LRC/USDT (Futures) Long-Term Trend: Bearish

Key Resistance Levels: 1.1007, 1.2519, 1.3748.

Key Support Levels: 0.8943, 0.7330, 0.6520.

Daily Time Frame:

The price on the higher time frame posted an engulfing bearish pattern signaling that the sellers are in control of the market which led to the end of the correction and then a new move to the downside could be seen in the coming hours.

LRC/USDT (Futures) Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the market succeeded to break the bullish trendline after posting a head and shoulders. The market reversed and started to post lower lows and highs signaling that we are a new downtrend movement. Now, the price is traded inside a bearish flag where we expect a higher correction before a new bearish impulse wave toward the target profits.

Sell Market Order @ 0.9594

TP 1 @ 0.8701

TP 2 @ 0.7762

Stop Loss @ 1.0039

Trade Safely 🙂v

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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