On 5. of July I have published my analysis on Loopring in which I have projected the future pathway of the price and a 36,78% decline. And yet again my analysis played out spot on.
As you can see at the time the price of Loopring was on the key level, from which many projected a breakout on the upside as the price was on the triangle's support line which is a key support level as it dates from the beginning and was viewed a very significant level.
That's where Elliott Wave principles come into play. I have counted the corrective wave structure of the last wave. As it was a clear WXYXZ correction and wave Z ended on the upside, more downside was expected. My target was projected to the first support level I saw strong enough to hold the momentum behind the expected breakout at around 0.00003 BTC.
As the price went below the level and entered another range more downside is expected between the current one and 0.00002439 BTC which is the next support level that can hold the momentum behind the move.
Too bad we cannot short these alts and make money while the price is depreciating.
