LUNC is now a very hot altcoin, but it looks like the uptrend will end very soon.
If you want to buy LUNC, then wait for a pullback, at least to the start of wave 4.
As per my Elliott Wave analysis, this huge impulse wave is pretty much done because we are in the last fifth sub-wave.
As you can see on the chart, wave 2 was a triangle. You may say that wave 2 cannot be a triangle because it's on the public internet as a rule. But this information is incorrect. Wave 2 can be a triangle, wave 3 can be an impulsive diagonal, and sometimes wave 3 can be the shortest wave, believe it or not.
I think LUNC will go much higher, but first we should have a correction that can last a few weeks or months.
Elliott Wave theory is a very powerful technique when volatility is high. On the other side, when the market is going sideways, it's losing its power.
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We are in the final wave. I expect a massive dump very soon.
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We have a rising wedge pattern, to it's loosing steam.
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The bull party is over, guys. It will go much lower. I made a quick short trade for 17% profit without leverage, and I am shorting BTC dominance (BTCDOMUSDT) in the next few days/weeks.
So why short Bitcoin dominance as opposed to shorting BTC itself ? Looks like I got out of LUNC at the very best time. I would still like to see LUNC emerge from the ashes though. It was very odd to seem them move upwards so strongly in a bear market. Thanks again.
WMWToronto
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So very simple, it's child's play. We get out now and buy the thing back at the Wave 4 support and do the whole thing over again. It's like washing my blue jeans . Wash, rise, spin ...repeat. What a life. Who created this crypto thing anyways ? I'd like to buy him a beer.
Tolberti
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@WMWToronto, It's up to your strategy. I am not saying you should buy at wave 4.
dimme001
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ok, sure, I see what you mean. But what about the burn?