Hello Traders!
This is an update for LUNA. As you can see our Short entry target level of $103 was not met today.
In my last post I stated that LUNA had to hit the $103 target in the next couple days for the Short to still be valid.
*IMPORTANT NOTE*
- The Short is still Valid at this point. If LUNA forms Bullish consolidation and slowly trends up and hits $103 in a week, the Short would not be valid, it needs to happen in the next couple days.
So what's next for LUNA?
- Now we look for the next strong level for a high probability trade entry. The good news is, there is a great Long level to watch for!
- On my last Bitcoin post I stated that I think BTC will hit $37K in the coming days / week. When this happens most likely LUNA will follow with a strong bearish move.
- We need to try and predict "If BTC hits $37K, what level would that be for LUNA?"
- There are 3 Long Entry Levels
1) $76.27 (Major Support and level of the last pullback) (This level would also create a double bottom which is a Bullish Pattern!)
2) $69.50 (This is the Moving average level so it could be slightly more or less in price depending on it's path)
3) $64.77 (Major ascending trend line support)
*Take Profit = $83.71
- You will trade this using the DCA Strategy. Wait for a pullback into our 1st level, enter a position and add more for each additional level that is hit.
- Most likely when BTC hits $37K the level that LUNA will hit will be the 1st level at $76.27 which is where I'm expecting a bounce and will open a Long.
*** This level could also potentially form a Double Bottom Pattern which is Bullish.
- The probability of LUNA breaking through the 200 MA is very low IMO and I would feel very confident adding a larger position here.
- Last we have the ascending trend line at $64.77. This is an extremely strong support line and the probability of price breaking through is very low.
*What I like about this setup is that we have 3 strong levels relatively close to each other. This essentially acts like 3 concrete walls that price would have to break through which would be very difficult to do. The probability of a bounce on each of these levels is relatively high.
*Final Note*
To be a successful trader you have to be able to maneuver. Do you see how we used the chart to find both a Short and Long entry level? We have both sides of price action covered so we are able to make money whether LUNA goes up or down in price. As price action changes we adjust our approach and look for new opportunities as we go. Patience is Key!
Happy Trading and Best of Luck! Please like and share if you find this helpful. Thanks everyone!
This is an update for LUNA. As you can see our Short entry target level of $103 was not met today.
In my last post I stated that LUNA had to hit the $103 target in the next couple days for the Short to still be valid.
*IMPORTANT NOTE*
- The Short is still Valid at this point. If LUNA forms Bullish consolidation and slowly trends up and hits $103 in a week, the Short would not be valid, it needs to happen in the next couple days.
So what's next for LUNA?
- Now we look for the next strong level for a high probability trade entry. The good news is, there is a great Long level to watch for!
- On my last Bitcoin post I stated that I think BTC will hit $37K in the coming days / week. When this happens most likely LUNA will follow with a strong bearish move.
- We need to try and predict "If BTC hits $37K, what level would that be for LUNA?"
- There are 3 Long Entry Levels
1) $76.27 (Major Support and level of the last pullback) (This level would also create a double bottom which is a Bullish Pattern!)
2) $69.50 (This is the Moving average level so it could be slightly more or less in price depending on it's path)
3) $64.77 (Major ascending trend line support)
*Take Profit = $83.71
- You will trade this using the DCA Strategy. Wait for a pullback into our 1st level, enter a position and add more for each additional level that is hit.
- Most likely when BTC hits $37K the level that LUNA will hit will be the 1st level at $76.27 which is where I'm expecting a bounce and will open a Long.
*** This level could also potentially form a Double Bottom Pattern which is Bullish.
- The probability of LUNA breaking through the 200 MA is very low IMO and I would feel very confident adding a larger position here.
- Last we have the ascending trend line at $64.77. This is an extremely strong support line and the probability of price breaking through is very low.
*What I like about this setup is that we have 3 strong levels relatively close to each other. This essentially acts like 3 concrete walls that price would have to break through which would be very difficult to do. The probability of a bounce on each of these levels is relatively high.
*Final Note*
To be a successful trader you have to be able to maneuver. Do you see how we used the chart to find both a Short and Long entry level? We have both sides of price action covered so we are able to make money whether LUNA goes up or down in price. As price action changes we adjust our approach and look for new opportunities as we go. Patience is Key!
Happy Trading and Best of Luck! Please like and share if you find this helpful. Thanks everyone!