LUNA has retraced quite a lot since January 25th BTC bounce, now seems like the time for a good Long opportunity.
Price is currently in the Daily Support channel, unless there's a force majeure, LUNA is primed for a bounce up.
Coincidentally LUNA is also near the Golden Pocket of Fibonacci Extension taken from January 20th to January 23rd. It is also at the bottom of a weak descending channel from January 24th.
On the 15M chart I've done a "feel good" wave count, which looks nice, but is super subjective, so I use it as more of a kanban (marker) rather than a potential entry point.
At the very least I expect LUNA to bounce towards the 4H Resistance #1. Taking into account that it's the weekend, we might see some side action first.
Target #1 = Fibonacci Extension 0.65-0.618
Target #2 = 4H Resistance #1
Target #3 = Fibonacci Extension 0.5
Target #4 = 4H Resistance #2 (long shot)
When in trade I keep to a strict Risk Management plan and keep an eye on BTC
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
Price is currently in the Daily Support channel, unless there's a force majeure, LUNA is primed for a bounce up.
Coincidentally LUNA is also near the Golden Pocket of Fibonacci Extension taken from January 20th to January 23rd. It is also at the bottom of a weak descending channel from January 24th.
On the 15M chart I've done a "feel good" wave count, which looks nice, but is super subjective, so I use it as more of a kanban (marker) rather than a potential entry point.
At the very least I expect LUNA to bounce towards the 4H Resistance #1. Taking into account that it's the weekend, we might see some side action first.
Target #1 = Fibonacci Extension 0.65-0.618
Target #2 = 4H Resistance #1
Target #3 = Fibonacci Extension 0.5
Target #4 = 4H Resistance #2 (long shot)
When in trade I keep to a strict Risk Management plan and keep an eye on BTC
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
Comment:
Considering ABC complete (it might not be, but I'm moving on), with a very extended wave C. Overall a very good trade.
It looks like C is still within reach, which is Target #3