LUNA - Onward Upward
Happy New Years to ALL.
LUNA is doing a nice ABCDE thing and has been in the “CD” phase since Dec 26 when the RSI clearly indicated “C” was the top (the fat red arrow up top & the yellow line in RSI section).
“C” also corresponded with PA reaching the upper edge of a diverging wedge pattern its been traveling in since Aug (indicated with the 2 blue trend lines).
The pullback was perfect to the 78% FIB level (“D”) of $63. Since beginning Jan RSI indications have been showing a trend change from down to levelling which again corresponds with PA reaching the bottom of the pull back. It spent some time accumulating in the range market area of $69-71. I think BTC bouncing from 44k to 39k and back isn’t helping matters of accumulation.
Now if BTC would just settle down and stop dumping 2k a day, I believe LUNA will continue on its next leg to “E” which will be at or near the top of the diverging wedge at $115-120 range.
From there we’re in new territory but using comparative previous gains I suspect we could actually see a PA up to the $155-160 area.
My thoughts, not advice Oklah. Cheers
LUNA is doing a nice ABCDE thing and has been in the “CD” phase since Dec 26 when the RSI clearly indicated “C” was the top (the fat red arrow up top & the yellow line in RSI section).
“C” also corresponded with PA reaching the upper edge of a diverging wedge pattern its been traveling in since Aug (indicated with the 2 blue trend lines).
The pullback was perfect to the 78% FIB level (“D”) of $63. Since beginning Jan RSI indications have been showing a trend change from down to levelling which again corresponds with PA reaching the bottom of the pull back. It spent some time accumulating in the range market area of $69-71. I think BTC bouncing from 44k to 39k and back isn’t helping matters of accumulation.
Now if BTC would just settle down and stop dumping 2k a day, I believe LUNA will continue on its next leg to “E” which will be at or near the top of the diverging wedge at $115-120 range.
From there we’re in new territory but using comparative previous gains I suspect we could actually see a PA up to the $155-160 area.
My thoughts, not advice Oklah. Cheers
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