LUNC 4h diversion on RSI versus Price
LUNC drops more than 50% from the big parabolic move it made over the last few weeks.
1) When we use the Fib Retracement tool we can see that LUNC sits on the 0.618 golden ratio which is a perfect trace back from this parabolic swing.
2) When we look at the 4h LUNC-BUSD chart we can see that LUNC sits in a symmetrical triangle which most of the time breaks out to the top.
3) We also see on the 4h candles a diversion on the RSI versus Price. RSI goes up, price goes down which indicates that the price will go up.
4) Not visible on this chart but LUNC finds almost support on the 4h 200 moving average. Also a positive indication.
Now that the 1.2% burn tax is in place we see some low burning values. A lot of people expected more of it and started to selling their LUNC.
As long Binance did not published an announcement if they will support or not support the 1.2% tax burn on their spot and leverage trading I will hold my LUNC.
Be aware, when the announcement is negative we could see a big dump. When the announcement is positive all other CEX will follow and we will see a big pump.
Personally I will hold, but I have some stop losses in place in case of the negative outcome.
!!! Don't forget to get profit in time or set alerts/stop losses.
You can always buy it back when it is tracing back up. The chart will not go up in one straight line.
Cheers and have fun.
° Be Patient – Don’t panic – Trade Emotionless.
° Never lose a winning trade. You can always get back in later.
1) When we use the Fib Retracement tool we can see that LUNC sits on the 0.618 golden ratio which is a perfect trace back from this parabolic swing.
2) When we look at the 4h LUNC-BUSD chart we can see that LUNC sits in a symmetrical triangle which most of the time breaks out to the top.
3) We also see on the 4h candles a diversion on the RSI versus Price. RSI goes up, price goes down which indicates that the price will go up.
4) Not visible on this chart but LUNC finds almost support on the 4h 200 moving average. Also a positive indication.
Now that the 1.2% burn tax is in place we see some low burning values. A lot of people expected more of it and started to selling their LUNC.
As long Binance did not published an announcement if they will support or not support the 1.2% tax burn on their spot and leverage trading I will hold my LUNC.
Be aware, when the announcement is negative we could see a big dump. When the announcement is positive all other CEX will follow and we will see a big pump.
Personally I will hold, but I have some stop losses in place in case of the negative outcome.
!!! Don't forget to get profit in time or set alerts/stop losses.
You can always buy it back when it is tracing back up. The chart will not go up in one straight line.
Cheers and have fun.
° Be Patient – Don’t panic – Trade Emotionless.
° Never lose a winning trade. You can always get back in later.
If you like my scripts/ideas please donate some coins to share your appreciation.
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.