LBRY: longterm textbook breakout
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LBRY has been on my watchlist for some time now. It basically is a marketplace for artists to upload their content to the blockchain and share it with anybody who is willing to pay a little LBRY. It has been described as a decentralized Youtube/Netflix. The team is constantly developing the product and a new website will be launched in two weeks.
I have not entered LBRY before since it has been going down since its listing on bittrex. However, the volume has gradually been increasing over time and is peaking at the moment. It also broke out from the long term trendline fully according to the textbooks as you can see below. The trendline has been tested a few times and after 3 failed tries, it finally broke through the trendline . This trendline has now successfuly turned into support as shown by the fact that it got retested twice. This is usually a verry bullish pattern .
Not sure how this will play out in the short-term since BTC is also moving again and no clear pattern is forming at this point. But I'm confident that with the attention this coin is getting and the constant development, we can see a very nice return in the longterm (see targetboxes).
I have not entered LBRY before since it has been going down since its listing on bittrex. However, the volume has gradually been increasing over time and is peaking at the moment. It also broke out from the long term trendline fully according to the textbooks as you can see below. The trendline has been tested a few times and after 3 failed tries, it finally broke through the trendline . This trendline has now successfuly turned into support as shown by the fact that it got retested twice. This is usually a verry bullish pattern .
Not sure how this will play out in the short-term since BTC is also moving again and no clear pattern is forming at this point. But I'm confident that with the attention this coin is getting and the constant development, we can see a very nice return in the longterm (see targetboxes).
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