LUNA - UPdate
So I wanted to do a new update following my last LUNA post because I don’t think I got the wave count correct what with BTC dropping and dragging LUNA and all the other alts down with it end of Dec invalidating the wave count. I’m really sorry for that boo boo.
Anyway, lots going on in the charts. To recap what’s not shown, the 1w RSI showed a double divergence on 03 Jan confirming a trend change Up and has been continuing uptrend since. The 1d RSI formed a kind of ugly bottom on the 8th (large green arrow pointing down at the top) and has been ascending in an impulse type pattern since. The 1w and 1d RSI’s are at 66 and 52 respectively with lots of upward strength to go.
I like to keep track of the 1d MacD which crossed up forming what I call a “Buy Dot” on the signal line today, so lots of upward space to climb into.
So now onto the 4h chart above. The price action (PA) has formed an ascending channel (in blue trend lines) bouncing along upwards. Presently, PA has settled into a sideways motion forming a range market (white box). PA is going to encounter the lower trend line while in the box kinda forcing the issue you might say.
On top of all this, on the 4h chart the 20, 50 and 200 moving averages are all “just” below the PA so a real intersection of indicators is happening. All good and all positive. oh exciting stuff.
I think we may see LUNA break out of the range market following the channel breaking up to the next minor support area of 87ish or even the next at $93. If volume really increases well it could really go.
My thoughts, not advice Oklah. Cheers
Anyway, lots going on in the charts. To recap what’s not shown, the 1w RSI showed a double divergence on 03 Jan confirming a trend change Up and has been continuing uptrend since. The 1d RSI formed a kind of ugly bottom on the 8th (large green arrow pointing down at the top) and has been ascending in an impulse type pattern since. The 1w and 1d RSI’s are at 66 and 52 respectively with lots of upward strength to go.
I like to keep track of the 1d MacD which crossed up forming what I call a “Buy Dot” on the signal line today, so lots of upward space to climb into.
So now onto the 4h chart above. The price action (PA) has formed an ascending channel (in blue trend lines) bouncing along upwards. Presently, PA has settled into a sideways motion forming a range market (white box). PA is going to encounter the lower trend line while in the box kinda forcing the issue you might say.
On top of all this, on the 4h chart the 20, 50 and 200 moving averages are all “just” below the PA so a real intersection of indicators is happening. All good and all positive. oh exciting stuff.
I think we may see LUNA break out of the range market following the channel breaking up to the next minor support area of 87ish or even the next at $93. If volume really increases well it could really go.
My thoughts, not advice Oklah. Cheers
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