As the total crypto market cap and BTC approach an almost year-long resistance level and an also ascending trendline in the coming days or weeks it is time to think about possibilities of either breaking up from there (truly or just in a fakeout) or turning down from those levels.
Considering what the charts show us on TERRA LUNA CLASSIC and thinking about the fundamentals - I am speaking about known facts and not the promises and hopes that may or may not come true - I wish to discover the potential downside of this token in the coming weeks or months. I may be wrong of course but I am considering taking some profits on the tokens I luckily managed to buy at way lower prices.
From a technical perspective we can see that an ascending head and shoulders was drawn perfectly. Though this pattern is not as strong as a horizontal one it still has some potential. We can see that the neckline has recently broken down and the price has been stopped on the immediate support trendline just underneath. Now the question is whether this line will hold or not. It has a likeliness so I would caution anyone to short the market right now but I am prepared to place a stop-sell order somewhere under the trendline with a safe stop-loss somewhere above it.
Another fact that reinforces my thesis is a past local high around $0.00017 that was broken but not yet retested. As you can see the current break of the neckline with the measurement of the head top and neckline distance would take the price exactly back to $0.00017. That or somewhat above that is where I would take my profit on the short position.
Considering what the charts show us on TERRA LUNA CLASSIC and thinking about the fundamentals - I am speaking about known facts and not the promises and hopes that may or may not come true - I wish to discover the potential downside of this token in the coming weeks or months. I may be wrong of course but I am considering taking some profits on the tokens I luckily managed to buy at way lower prices.
From a technical perspective we can see that an ascending head and shoulders was drawn perfectly. Though this pattern is not as strong as a horizontal one it still has some potential. We can see that the neckline has recently broken down and the price has been stopped on the immediate support trendline just underneath. Now the question is whether this line will hold or not. It has a likeliness so I would caution anyone to short the market right now but I am prepared to place a stop-sell order somewhere under the trendline with a safe stop-loss somewhere above it.
Another fact that reinforces my thesis is a past local high around $0.00017 that was broken but not yet retested. As you can see the current break of the neckline with the measurement of the head top and neckline distance would take the price exactly back to $0.00017. That or somewhat above that is where I would take my profit on the short position.
