LSK/BTC has been on choppy swings as we can see on the daily chart. A bullish swing in the first half of November was followed by the current bearish swing in the second half of the month.
LSK/BTC Daily Chart
- The daily chart shows that price is approaching a triangle support as well as other common support pivots.
- I would not try to catch the current dip for 2 reasons.
- 1) It still looks like a falling knife.
- 2) Since June, bearish cycles in LSK/BTC have lasted about twice as long as bullish ones.
- While price looks good around 60000-63000 satoshis, it might be premature in terms of timing to enter a buy until possibly the second half of December.
- But then the holiday season is likely to "mess" the cycles.
- Still, I just wanted to make sure include the timing perspective.
- I would like to monitor price around 62000 more before making a trade plan.