LUNAC LUNA CLASSIC Luna Is Losing Steam! Heavy Selling Coming!
Updated
Luna has been bouncing up and down within some support and resistance levels for a couple days now. I said yesterday that we would drop down to about .00026 and that happened. We didnt get down to .00024 because .00026 was decent support. Bouncing back up to .00029 and now we are ranging within those two levels. The larger head and shoulders has been formed and now Luna is bouncing off the neckline support fo the head and shoulders. If Luna starts trading below the neckline and closing hourly candles below then expect a significant drop down to .00016 minimum. If .00016 fails then we will probably see another 50% drop down to previous lows/support around .00009 ish .
Invalidation of this large head and shoulders would be if Luna starts trading above .00035 and closing at least 30 minute candles above that. I don't see that right now because volume is weak, and the market in general is bearish at the moment.
Good luck out there everyone, this is not financial or trading advice this is just my opinion. I update frequently, so follow me for more. Thank you
On a lower time frame 15 minute chart, Luna has formed a W formation. This is a bullish pattern and a measured move would bring it to about .00032 if the pattern is validated and completed. See below:
Invalidation of this large head and shoulders would be if Luna starts trading above .00035 and closing at least 30 minute candles above that. I don't see that right now because volume is weak, and the market in general is bearish at the moment.
Good luck out there everyone, this is not financial or trading advice this is just my opinion. I update frequently, so follow me for more. Thank you
On a lower time frame 15 minute chart, Luna has formed a W formation. This is a bullish pattern and a measured move would bring it to about .00032 if the pattern is validated and completed. See below:
Note
Good morning everyone. Luna played out the measured move of the W double bottom formation perfectly as I called it. Its now formed a M formation double top and is on the way down back to a measured move at .000264 which is also support. We are playing out a small measured move back up to .0003 right now breaking out of an ascending triangle and then Luna will probably get rejected around .0003 and continue back down to .00026. Ill keep you posted throughout the day as I play out multiple swing trades on the 5 minute. This is not financial advice this is just my opinion and what I am doing. If you want constant updates then follow me and give me a like if you appreciate my content. PS I have nothing against LUNA. I believe LUNA will be huge and I am invested as well. I just believe that from past experience Luna will dump after the burns aer implemented and people see the realistic numbers being burned. Im pissed off that all these you tubers looking for subs and clicks keep hyping Luna so much calling for a dollar by end of year or even a dime etc. Its not happening unless some big player or players come out and say they have accumulated trillions of Luna and they are burning all of it in one shot (like Shib did with Vitalik Buterin). That would be the only way and damn I hope it does happen, that would be fantastic. For now though I am going by just what I see, the burns are already priced in and actually overvalued at the moment. The 2 day and up indicators are headed straight down and so many people believe that there will be a pump after the burns start, which is exactly why it wont pump but instead dump. The market usually does the opposite of what the majority think will happen. I wish you all the best of luck. This is not financial advice this is just my opinion and what I am doing Thank you
Note
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.