LOOM 4-Hour TA Update for 9-3-2020

POSSIBLE LANDING SPOTS INDICATED BY CRITICAL FIB RING

Loom is correcting right along with the majority of the alts, and we have a few clues as to what the landing point could be. Let’s look at the chart provided by TradingView with my technical analysis added.

LOOM is riding the BTC correction band wagon, and we can see a possible landing point on this chart.

While we are in the midst of this strong selling volume, LOOM has been fighting to keep the 200-day EMA as a base. But as it has already wicked below that line, it may fail.

The next possible base just happens to be the mystical 2.618 dark green fib circle ring. If momentum can slow while BTC corrects, this landing spot has a high probability.

The stochastic is weak, and indecisive as we see fluctuation going on below the 20% oversold boundary. This tells us that we aren't able to call a strong bounce at the bottom, which means the price can still dip farther.

What we will have to watch the action closely as BTC is possibly going to continue correcting as it heads towards the CME gap set in July of 2020 at $9700.

Carlton Flowers
The CryptoPro

NOT FINANCIAL ADVICE - Entertainment purposes only. Seek a qualified investment advisor before making any decisions on purchasing cryptocurrencies.

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