Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Terra ( LUNAUSD ), an altcoin cryptocurrency. Please review the chart and analysis below carefully as there are many trendlines and indicators.
#CryptoPickk notes the following:
1) Terra price has been exploding and took no consideration for the recent crypto market crash, however as anything goes up fast, it goes down just as fast. That's a life rule if you are not aware.
2) If Terra price retraces downwards assuming the price comes back down to the wick, it could retrace back down to the 0.786 Fibonacci Retracement level at around $10-$11.
3) The 0.786 level has been an altcoin retracement level for many crypto altcoin.
4) This would also be supported by a multi-month trendline which is around the $10-$11 range (in yellow color).
5) The RSI (relative strength index) and Stochastic RSI (Stoch RSI) are coming out of the overbought region and have potential to get down to the oversold region with a drastic price drop.
6) Terra has moved up very quickly over the past week and it may not be sustainable without proper consolidation so be cautious.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk notes the following:
1) Terra price has been exploding and took no consideration for the recent crypto market crash, however as anything goes up fast, it goes down just as fast. That's a life rule if you are not aware.
2) If Terra price retraces downwards assuming the price comes back down to the wick, it could retrace back down to the 0.786 Fibonacci Retracement level at around $10-$11.
3) The 0.786 level has been an altcoin retracement level for many crypto altcoin.
4) This would also be supported by a multi-month trendline which is around the $10-$11 range (in yellow color).
5) The RSI (relative strength index) and Stochastic RSI (Stoch RSI) are coming out of the overbought region and have potential to get down to the oversold region with a drastic price drop.
6) Terra has moved up very quickly over the past week and it may not be sustainable without proper consolidation so be cautious.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
I chart on Tradingview: www.tradingview.com/symbols/BTCUSD/?aff_id=25106
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
