LUNA/USD Daily TA Neutral Bearish
LUNA/USD Daily neutral with a bearish bias. Recommended ratio: 35% LUNA, 65% cash. **Sunday bull-trap watch**. Price has now been testing $80 as support for four consecutive sessions now and is currently forming a rounded bottom (U shaped) as it attempts to test $84.05 resistance. Volume has now shrunken for seven consecutive sessions (indicating an impending breakout/breakdown) and is on track to favor buyers for two consecutive sessions if it can close in the green today. Parabolic SAR flips bullish at $96. RSI remains trending sideways at 38.50 as it has now been testing the descending trendline from August 2021 for seven consecutive sessions now; if it can establish support here it would be bullish. Stochastic remains bearish as it is currently attempting to complete a double bottom at 1.60; a move above 4 would reinstate a bullish crossover. MACD remains bearish and is finally showing signs of trough formation just below -2.43 minor support (currently at -3.40). ADX remains trending up at 30 as Price is attempting to fend off the selling pressure, this is mildly bearish. If Price is able to breakout above $84.05 and recapture support there, then it will likely test the 50 MA at $92.78 minor resistance. However, if Price is rejected here then it will likely retest $78.04 minor support before potentially heading lower to $70.15 support. Mental Stop Loss: (two consecutive closes above) $84.05.
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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.