LUNA recently broke out of its descending channel and is now retracing to 16.8 - 17 (which was a previous resistance area), before continuing is push upwards.
The major support area is the 15.7 to 16.1 price zone and a break below it could change the current trend of LUNA and turn our view from bullish to bearish.
The break of the descending channel was also made on increasing volume and we would like to see a similar increase in volume as LUNA pushes higher.
Targets are 18.2 (fib 61.8% golden ratio in confluence with previous support level) making it an important price to break and close above on the 4H chart. The next target is 20 which was a previous resistance level on the daily chart and is also in confluence with the fib 78.6% level. After that we are looking for the break of the ATH at 22.3 and reach new ATH at 29 (fib 1.618)
Don't forget to watch Bitcoin on the side as its movement will affect the rest of the market.
Any questions?
Good luck traders,
Remember to respect your rules
Habib
The major support area is the 15.7 to 16.1 price zone and a break below it could change the current trend of LUNA and turn our view from bullish to bearish.
The break of the descending channel was also made on increasing volume and we would like to see a similar increase in volume as LUNA pushes higher.
Targets are 18.2 (fib 61.8% golden ratio in confluence with previous support level) making it an important price to break and close above on the 4H chart. The next target is 20 which was a previous resistance level on the daily chart and is also in confluence with the fib 78.6% level. After that we are looking for the break of the ATH at 22.3 and reach new ATH at 29 (fib 1.618)
Don't forget to watch Bitcoin on the side as its movement will affect the rest of the market.
Any questions?
Good luck traders,
Remember to respect your rules
Habib