The price is creating a descending channel on the daily timeframe after a perfect retest on the 0.618 Fibonacci level on the weekly timeframe.
How to approach?
IF the price is going to have a breakout from the descending channel and retest the previous resistance as new support, we can add to our watchlist and wait for applying our rules. Of course, is not...
Collection incoming I guess.
I attached an example to the chart because it looks similar.
If any of you wish to try on wave4-5, I wish you luck.
but remember to put on a stop loss.
Luna is finding a place to land a "C"
so be careful with the drop.
Back in August-September 2020, Terra (LUNA) experienced an Ascending Head and Shoulders patten which resulted in the price falling back to the trough of the first shoulder. This didn't matter because then Luna rallied beyond peoples expectations right after. However, this is important because we are experiencing a very similar pattern at the moment....
LUNA has touched it is long-term massive triangle resistance.
SL is set to the breakpoint of the triangle.
TP preservative nearest local resistance 80USDT.
RISK/REWARD ratio is: 3
Do not hesitate to share any of your opinions!
Very bullish on LUNA
Its forming an Inverse H&S on the chart , if the right shoulder breakout the resistance on 61.8% Fibonacci, then off for a new ATH.
If this is confirmed the next ATH price would be somewhere at 114/120 USDT
If not then it will confirm a rising wedge reversal and we might see LUNA at a cheaper price.
Don't take this as a financial advice!
Luna has been performing well during this turbulent time for cryptocurrency. Since reaching the $81.30 area, Luna has seen a lot of buying pressure at the $76 level. If this uptrend can continue then it's likely for there to be a restest of the previous high. The target for this trade is around the $82 level, however, if the price surpasses the level with strong...
The current correction should’ve been expected after such massive moves by a lot of cryptos last year, nevertheless, the wider crypto market is still apparently in a bullish cycle.
Terra bouncing off the 50 day ma. Rsi is in good support zone and the previous day is a green hammer candle which signals a possible reversal as the bulls are taking back control. Looks...
Hello, head & shoulders reversal pattern is forming in the LUNAUSDT chart. Since the price is going up and it's a reversal pattern there is a possibility of changing the trend to the downside.
LUNA short targets: 50, 35, 25. I'll move my stop loss to the entry point after the price reaches the first target.
Not financial advice.