Luna is quickly approaching a major trend line that has acted as support holding the price above it in mid-September.
Will it hold a second time?
The indicators are rather bearish, we painted a lower high and I lean on being bearish, particularly as Luna did a major pump in the last two months. So the market needs to relax a bit. We did consolidate for most of September around $30-40. But is this enough?
The real test is coming soon and if our support falls, then expect lower levers as indicated by the Fib lines. The most likely level to hold any sustained drop is around $20. But that may be too into the future right now, especially if our support will hold.
This will be decided by early October. I remain bearish short term and we will get at least a test of support. Also keep an eye on BTC/ETH moves as they will impact all crypto market moves (see ideas below).
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Will it hold a second time?
The indicators are rather bearish, we painted a lower high and I lean on being bearish, particularly as Luna did a major pump in the last two months. So the market needs to relax a bit. We did consolidate for most of September around $30-40. But is this enough?
The real test is coming soon and if our support falls, then expect lower levers as indicated by the Fib lines. The most likely level to hold any sustained drop is around $20. But that may be too into the future right now, especially if our support will hold.
This will be decided by early October. I remain bearish short term and we will get at least a test of support. Also keep an eye on BTC/ETH moves as they will impact all crypto market moves (see ideas below).
Like and follow if you liked this idea!
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