Bearish case scenario on Luna
Updated
The three main factors that define a Bearish breakout to me?
1). Pi cycle top was established on 28th october.
2). The trend- we have established that bears are in control on lower time frames including the 4hour chart.
3). Volatility- Everytime we have retested price @ 54 dollars. We have increased selling pressure. Meaning some whales are cashing out
It is worth noting that in 114 days approximately luna has done 790%.
Conclusion:
The last time we had a pi cycle top. luna continued with its bullish run for another 26 days by 245% before crashing down.
In this case however we have a pi cycle top and a daily linear regression trendline which acts as resistance.
Lets introduce risk. taking a bearish stance at this price zone means on the short term. I am gonna be paid to hold a short position by the longs in the futures market. If you have ever heard of positive and negative funding rates on centralized exchanges. This is generally the process.
If you support my analysis please like and follow me on twitter for more content.
1). Pi cycle top was established on 28th october.
2). The trend- we have established that bears are in control on lower time frames including the 4hour chart.
3). Volatility- Everytime we have retested price @ 54 dollars. We have increased selling pressure. Meaning some whales are cashing out
It is worth noting that in 114 days approximately luna has done 790%.
Conclusion:
The last time we had a pi cycle top. luna continued with its bullish run for another 26 days by 245% before crashing down.
In this case however we have a pi cycle top and a daily linear regression trendline which acts as resistance.
Lets introduce risk. taking a bearish stance at this price zone means on the short term. I am gonna be paid to hold a short position by the longs in the futures market. If you have ever heard of positive and negative funding rates on centralized exchanges. This is generally the process.
If you support my analysis please like and follow me on twitter for more content.
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