LUNCBUSD: Bearish Shark with RSI Weakness at 50% Retracement
Updated
LUNC is currently trading between the 88.6% and 1.13% Range of the Pattern Completion Zone and is also at a 50% Retrace from High to Low. At the sametime the MACD and RSI are Bearishly Diverging but what i'm paying the most attention to here is the RSI Trendline that seems to be forming some kind of Bearish Dragon which if it breaks will most likely be the start of a Bearish Retrace to lower levels. I will have two targets here. The first target will be for LUNC to take back Half of the Harmonic and the Second target will be a 100% Recovery of the Harmonic. If we take back 50% i will take 50% off the trade and buy more LUNC with 50% of the profits and if it tak4es back 100% i will close off the remainign half of my shorts and use 50% of that to buy more LUNC.
Trade active
if the 4 Hour candle Begins to become bearish we will see the RSI Sharply Turn down and will see it begin to test the RSI Trendline Once more if price can get back below the 1.13 the Bbearish tradeis back on and i will be be int he position with conviction.Here is our Current scenario.
Note
if the 4 hour begins bto turn over and the rsi starts turning over then this shall be my new position
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