4 hour double bottom with 15 point divergence - RISKY Long LUNA
I'm hesitant to even label this a true divergence given they're almost a week apart and I prefer divergences that happen within a few days on the 4 hour time frame. I would also consider this risky given the continued uncertainty in BTC and markets in general. It is very intriguing, however, given that this coincides almost exactly with the .5 fib retracement from the weekly time frame (yellow line).
4 hour double bottoms with divergences on coins with this much volatility can easily generate 10-20% return (for instance the double top at the ATH of LUNA traded perfectly and shorted to now would've been 51%), aggressively you could target the previous ATH (a bounce off the .5 retracement can often return to 0 level), the -0.25 level at $128, or the -.618 at a whopping $164.
4 hour close below 53.77 invalidates this idea relating to the double bottom - price could still be respecting the .5 fib area .
4 hour double bottoms with divergences on coins with this much volatility can easily generate 10-20% return (for instance the double top at the ATH of LUNA traded perfectly and shorted to now would've been 51%), aggressively you could target the previous ATH (a bounce off the .5 retracement can often return to 0 level), the -0.25 level at $128, or the -.618 at a whopping $164.
4 hour close below 53.77 invalidates this idea relating to the double bottom - price could still be respecting the .5 fib area .
Order cancelled:
Invalidated on nearly every metric - double bottom broke, the RSI has continued to decline with price (indication of confirmation, verses reversal) and no longer in divergence with the last few days on the 4 hour, FIB level does not appear to be holding either, though it has not yet retraced to the next level below (at 42.11).