Hello All. Looking at Luna on the daily timeframe, we can see that we have broke bearish out of our rising wedge pattern. The price target for this pattern with its measured move has already reached, however I believe there is more downside action to anticipate.
If we use our Fibonacci retracemant tool on the daily timeframe, and draw it from swing low to swing high, we will get our diamond pocket levels sitting at around $70. Besides using only this tool we can also use our 50 day EMA, which also sits at around $70.
Moreover, the third indicator supporting this price target is our long ascending line of support (yellow dotted line) which corresponds with both, the 50 EMA and the fibonacci golden pocket, and sits again right at $70. This will be a 20% move towards the downside.
I believe for the short term and for the healthy trend of Luna, this correction is imminent. It is only a good thing to see this sort of corrections when any crypto establishes ATH's.
Thanks for reading, and stay tuned. Happy Holidays. Enjoy!
If we use our Fibonacci retracemant tool on the daily timeframe, and draw it from swing low to swing high, we will get our diamond pocket levels sitting at around $70. Besides using only this tool we can also use our 50 day EMA, which also sits at around $70.
Moreover, the third indicator supporting this price target is our long ascending line of support (yellow dotted line) which corresponds with both, the 50 EMA and the fibonacci golden pocket, and sits again right at $70. This will be a 20% move towards the downside.
I believe for the short term and for the healthy trend of Luna, this correction is imminent. It is only a good thing to see this sort of corrections when any crypto establishes ATH's.
Thanks for reading, and stay tuned. Happy Holidays. Enjoy!