LOOM about to break out on the weekly
LOOMBTC
Starting to head towards a break out of a long term consolidation on the weekly TF.
There’s two entry options here - a BCR of 285 sats area could long to 366 as the first target.
The less risky entry would be to wait for the BCR of 366 to avoid the volatile wicky area between 285-366
This would be a long term hold that could potentially return over 2000%.
On the daily we are currently trying to push past that 285 sat zone so just watching this one for now. Once we pass there I’ll be looking for a retest to either support or a FIB level or even a retest of the 10 EMA on the daily.
Lots of bullish volume coming in now also.
It definitely needs a pull back before opening a position.
The Loom Network is an Ethereum-based, Platform-as-a-Service (PaaS) network with a Software Development Kit (SDK) targeting large-scale, decentralized social app and game development. Loom DAppChains are run as parallel sidechains attached to smart contracts on the Ethereum mainnet. The LOOM token is the proprietary ERC-20 membership token that provides access to DAppChains on the Loom Network.
*source: cryptobriefing.com
Starting to head towards a break out of a long term consolidation on the weekly TF.
There’s two entry options here - a BCR of 285 sats area could long to 366 as the first target.
The less risky entry would be to wait for the BCR of 366 to avoid the volatile wicky area between 285-366
This would be a long term hold that could potentially return over 2000%.
On the daily we are currently trying to push past that 285 sat zone so just watching this one for now. Once we pass there I’ll be looking for a retest to either support or a FIB level or even a retest of the 10 EMA on the daily.
Lots of bullish volume coming in now also.
It definitely needs a pull back before opening a position.
The Loom Network is an Ethereum-based, Platform-as-a-Service (PaaS) network with a Software Development Kit (SDK) targeting large-scale, decentralized social app and game development. Loom DAppChains are run as parallel sidechains attached to smart contracts on the Ethereum mainnet. The LOOM token is the proprietary ERC-20 membership token that provides access to DAppChains on the Loom Network.
*source: cryptobriefing.com