Luna en route to $95 before meeting strong resistance

19 thg 3, 2022

A quick update on Luna, the price action is currently in a 5-wave impulse, currently starting wave 4 with a short retracement. The general rule is that wave 3 must not be the shortest upward wave for the pattern to execute correctly, so expect the final wave 5 to be a shorter one. Using fib extension on the 1st & 2nd wave, it's safe to say that wave 5 should end no further than fib 1.27, which corresponds to a notable resistance area (around $95), which you can spot with Ichimoku for example. Here, according to my last assumption about Luna being in distribution:

We could maybe have a last point of supply, before starting expansion down and falling back to the 25D EMA that appears at the bottom of today's chart. That move could happen if Btc fails its current move up and starts retracing back to 40k and below, dragging the market down with it. It's absolutely within the realm of possibilities, so stay aware. Either way, whatever direction the market takes next week, if the 5 waves form nicely then we should expect at least a small correction for Luna afterwards.