Luna needs a correction and its happening SHORT
Updated
After rising 80% from it's Jan 30 2022 low Luna has lost steam.
I believe that leveraged long positions are now taking profits.
I have highlighted the MACD index where the signal line has crossed over the MACD line (red over blue=bearish)
This is an 8 hour chart which makes the indicators even stronger.
I love this asset and what the Terra Ecosystem is doing but a correction is in order.
Look for the price to find support around the 20 VWMA (volume weighted moving average) which would be around $64-$67. Unless there are any unforeseen non technical events in which we could see the asset drop even lower, or possible shoot higher.
I am bullish long term on this asset, the laws of TA say this one needs a healthy correction.
Also, if you follow the vertical line down to the RSI index you will see that LUNA is way overbought right now and on pace to touch the sell signal which makes this an even stronger case.
Check below for some of my other ideas.
I believe that leveraged long positions are now taking profits.
I have highlighted the MACD index where the signal line has crossed over the MACD line (red over blue=bearish)
This is an 8 hour chart which makes the indicators even stronger.
I love this asset and what the Terra Ecosystem is doing but a correction is in order.
Look for the price to find support around the 20 VWMA (volume weighted moving average) which would be around $64-$67. Unless there are any unforeseen non technical events in which we could see the asset drop even lower, or possible shoot higher.
I am bullish long term on this asset, the laws of TA say this one needs a healthy correction.
Also, if you follow the vertical line down to the RSI index you will see that LUNA is way overbought right now and on pace to touch the sell signal which makes this an even stronger case.
Check below for some of my other ideas.
Note
check this insanely accurate RSI histogram, it has not failed me yet.Note
LUNA is now starting to look very much bullishNote
ok, so it just took a little bit longer here than i thoughtNote
this is one where I was way off, I think it's important to take note of mistakes and observe the asset further. It's quite possible there is demand for LUNA where there is not for other top crypto currencies
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