Long
Luna at crucial point but showing reversal candles
LUNA has fallen from a solid uptrend above all eMAs in proper sequence when suddenly the negative risk-off sentiment in the stock market pulls it down back to the median of the up channel.
Price has bounced with big volume from ema 150 forming a long wick. The next day it retook ema100 with a big green candle giving us hope for a possible flag & reversal & an end to wave 4 abc correction.
Fighting is now going on between bear & bulls to breakout of the upper channel back into the 5 ema ribbon.
If bulls win we can say that wave 5 is on the table. If negative sentiment continues, the next strong supports are 60 & 50 near the ema 150 & 200.
As long as 60 or the median of channel holds, which is also along a GANN FAN line, I remain hopeful of a wave 5 scenario.
Not trading recommendation.
Price has bounced with big volume from ema 150 forming a long wick. The next day it retook ema100 with a big green candle giving us hope for a possible flag & reversal & an end to wave 4 abc correction.
Fighting is now going on between bear & bulls to breakout of the upper channel back into the 5 ema ribbon.
If bulls win we can say that wave 5 is on the table. If negative sentiment continues, the next strong supports are 60 & 50 near the ema 150 & 200.
As long as 60 or the median of channel holds, which is also along a GANN FAN line, I remain hopeful of a wave 5 scenario.
Not trading recommendation.
Note
Be careful as prices still making lower high & now a lower low. LUNA may still fall to the next GANN FAN line at around 34 strong support. Let us just hope that it will hold the black uptrend line.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.