Luna triggers h&s pattern after ust depegs from the dollar.
Updated
We can see it overshot its breakdown target due to the immense fear, uncertainty, and doubt created after UST de pegged from the dollar twice over the weekend. Now that it has reached its breakdown target its uncertain of whether or not it wills top dumping but we can see in the process it has created a lower low which is not a good thing for maintaining its overall uptrend. However Bitcoin has yet to form a lower low until it dips below 28650 or so. If bitcoin ultimately forms a higher low before it’s next uptrend there is a chance it can pull luna up with it. For now Luna looks very ugly, so I can’t in good conscious even entertain buying the dip at the moment.
Note
Looks like luna is not done dumping. This one is a high risk. Will not be buying the dip as there’s no telling how low the dip can go.Note
BTC ultimately got a lower low. Luna continued to dip below even 1 cent. Wouldn’t surprise me if it went completely to zero…but also wouldn’t surprise me if it makes crazy % gains that swing traders could try to get lucky with. I will continue to stay far away from luna myself.
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