- Lisk is bullish in the short-term with the cryptocurrency attempting to break above key neckline resistance
- The medium-term outlook is bearish as price still trades well below the LSK / USD pair’s 200-day moving average
- Buyers are attempting to break above a triangle pattern on the daily time frame
Lisk / USD Short-term price analysis
Lisk is bullish in the short-term, with the cryptocurrency trading above its 200-period moving average on the four-hour time frame and close to the neckline of a bullish inverted head and shoulders pattern.
If buyers can rally price above the neckline of the bullish pattern, the LSK / USD pair will likely target towards the December 20th, 2018 trading high.
Technical indicators are still bullish on the four-hour time frame, with the Relative Strength Index highlighting that bullish pressure still remains in place over the short-term horizon.
Traders should note that a much larger head and shoulders pattern will take shape if the cryptocurrency advances towards the best levels of December 2018.
The MACD indicator is turning higher on the four-hour time frame and is generating a bullish signal.
The Relative Strength Index is also turning higher on the four-hour time frame and shows scope for further upside.
Lisk / USD Medium-term price analysis
In the medium-term, Lisk has a bearish bias, with the cryptocurrency still trading well below its 200-day moving average.
Some bullish signs are starting to emerge on the daily time frame, with the LSK / USD pair testing key trendline resistance from a symmetrical triangle pattern that has been in play for much of 2019.
Technical indicators on the daily time frame are slightly less bullish than the four-hour time frame, although the RSI shows bullish pressure remains in play.
Traders should note that the upside target for the symmetrical triangle pattern is found by measuring the low of the pattern to the actual breakout point.
The MACD indicator is neutral on the daily time frame and currently shows no clear trading signal.
The Relative Strength Index on the daily time frame is bullish and continues to edge higher.
Lisk continues to show strong potential for further upside over both time horizons, with the cryptocurrency close to a bullish breakout on the four-hour and daily time frames.
A sustained rally above both bullish patterns would likely see the Lisk / USD pair targeting towards the December 20th trading high and potentially its key 200-day moving average.
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