BITTREX:LUNBTC
After a phenomenal bull run from December, Lunyr took its most anticipated correction of 50% on January 11th during the Bitcoin Correction in January.
It rallied another 100+% after hitting .231 strong support levels, also hitting for the first time, the Daily ascending trend line that it respected so amazingly during the November and December '17's bull run.
The noticeable warning signal which flagged red at me, was the daily bearish candle closure below the trend line previously spoken about on 31st January 2018.
In conjunction with this, the daily price closed below the .310 supporting line. Very bad news at this point. With a pathetic 5% retest of the break LUN proceeded to sell for a further 13% loss.
This depreciation caused yet another strong supporting level to snap at .280 then plummeting a further 20% before forming a healthy pull back, but still unsuccessful on a breach back up.
As of right now, .176 is a seriously strong support and potential rejection area. As the very first bar formed a closure at this level back when it was first listed on Bittrex.
With alignment of a weekly time frame Moving Average, definitely shows signs of a positive rejection off this level.
We are currently within the daily curve channel, as we are heading towards the bottom of the curve, we could see ample rejection off this area with added points stated above.
Daily RSI is 20% off being bottomed out and hitting the 30 area. Showing signs of being oversold shortly.
4HR price is currently trading below its MAs.
A potential buying range for this pair would be .185 and .174
(I say potential as I do not give trading signals, use this at your own discretion)
a potential stop loss level of .164
Now, lets talk potential downside alternatives.
If all of this only results (or doesn't at all) in a tasty 18-25% retracement and rebound up to .225 off the TA given above, and then continues to head downwards.
If .174 snaps the price will be below the weekly MA at this point, so expect a few more levels to slowly get taken out.
Theoretically at this point, the daily RSI should show a oversold region of 30 at approximately .129
After a phenomenal bull run from December, Lunyr took its most anticipated correction of 50% on January 11th during the Bitcoin Correction in January.
It rallied another 100+% after hitting .231 strong support levels, also hitting for the first time, the Daily ascending trend line that it respected so amazingly during the November and December '17's bull run.
The noticeable warning signal which flagged red at me, was the daily bearish candle closure below the trend line previously spoken about on 31st January 2018.
In conjunction with this, the daily price closed below the .310 supporting line. Very bad news at this point. With a pathetic 5% retest of the break LUN proceeded to sell for a further 13% loss.
This depreciation caused yet another strong supporting level to snap at .280 then plummeting a further 20% before forming a healthy pull back, but still unsuccessful on a breach back up.
As of right now, .176 is a seriously strong support and potential rejection area. As the very first bar formed a closure at this level back when it was first listed on Bittrex.
With alignment of a weekly time frame Moving Average, definitely shows signs of a positive rejection off this level.
We are currently within the daily curve channel, as we are heading towards the bottom of the curve, we could see ample rejection off this area with added points stated above.
Daily RSI is 20% off being bottomed out and hitting the 30 area. Showing signs of being oversold shortly.
4HR price is currently trading below its MAs.
A potential buying range for this pair would be .185 and .174
(I say potential as I do not give trading signals, use this at your own discretion)
a potential stop loss level of .164
Now, lets talk potential downside alternatives.
If all of this only results (or doesn't at all) in a tasty 18-25% retracement and rebound up to .225 off the TA given above, and then continues to head downwards.
If .174 snaps the price will be below the weekly MA at this point, so expect a few more levels to slowly get taken out.
Theoretically at this point, the daily RSI should show a oversold region of 30 at approximately .129