LOOM broke out of a 23 days resistance and the volume is looking promising, the price is currently retesting the breakout with a possible edge to edge on the 12h chart, so a buy around this price sounds about right.
Current price – 0.00001442
Target 1 – 0.00001562
Target 2 – 0.00001730
Hey boys, MM here with another quick analysis.
This morning i’m looking at LOOMBTC on Binance. After making a new all time low recently, seems like it hit the bottom and bounced with quite some force, now it’s looking like it might want to break out again, after finding support in the 1h and 2h time frames on the MA200 and MA150, it’s now making an asymmetric triangle, an easy formation that can provide us some good confirmation for the next leg up of this uptrend. While at the same time making a TK cross on the 6h, if we find support on the bottom of the cloud, it’s gonna provide all the confirmation we need.
The way to play this formation is to buy when a candle closes above it, with a stop loss inside, but this time since there’s a resistance just outside the formation, we can wait for a break through of this side before buying into it, then placing the stop below when this line becomes support.
Recommended action to take:
Buy: 0.00001475 – 0.00001461
Stop Loss: 0.00001420
Targets: 0.00001623, 1741, 1897