Short

Updated

LUNA - A Big Crypto Short

LUNA has been a real high flyer in post BTC dump recovery, however traits tend to continue and I suspect price will be especially weak to the downside in a BTC capitulation just as it was before.

1.382 fib has been tagged and this isn't the strongest fib, there is a small risk this could run to 1.618, but there are bearish divergences on multiple timeframes including this heavy divergence on the weekly and price appears to be slowly rolling over.

This is also in consideration of a very weak looking BTC + weak looking stock market stock market.

Could be a good one if ducks align. 🦆🦆🦆

Not advice.

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Ducks lining up here.

Now that this second rally has failed with a lower retracement high I am very confident the collapse is on here and 1.382 long term Fibonacci projection will be the top.

Look back on the chart and you will see a retracement rally leads to a sell off and it will probably be the same here.

Notice the 500H moving average has provided many pivot points. When it rips to the downside I will add to my short position.

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Think what you will but LUNA will lose 95%+ from here and probably go sub $1. Don't think I understand LUNA? Wait and see. 🦆

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Correction* - My target is $2.

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Get ready...

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Rip to the downside following a retracement to test and reject from support / MA area. Should be plain sailing from here down to around $29 before any consideration of a bounce.

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Down 10% at close. Its a good start.

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Slight correction - minor bounce was always coming on the 1hr RSI which having rejected from the middle band appears to be complete, but time will tell.

Looking at LUNABTC it is weakening to the downside and BTC is cliff walking so we'll see how this goes.

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Trending under the 4H RSI leads sell offs.

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Crypto doing what it does best here and showing 2 sides of the coin. Will this be a fakeout to fall back below the moving average, or will it break up here and move to the descending trendline - hard to tell, I would slightly hedge on it falling, but we'll see. If it gets to the upper trendline area could be a good place to add to the short.

Plenty of shenanigans from BTC as well. Perhaps because the big fall is near.

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Its a good thing LUNA hodlers aren't mannered graceful people or I'd feel a little sad for what is going to happen to this overpriced vapourware.

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That doesn't go for Shinebeast, who turned out to be well mannered in the end. 😄

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It will be years before LUNA is as high as this again. Who knows maybe it will even be a perpetual top.

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I could make another chart but its just hodler central here. Anyhow get ready.

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Looks slightly more likely it could be another wave up here as its not falling and too much time has passed so it could be accumulation for another leg up to $42 area. This makes no difference to my long term projection and i'll just look to the next juncture if another wave up.

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This could go either way here short term, as I said in my previous comments probably up, but long term the divergences are there and it will crash big time also in line with stock and bond troubles.

But anyhow there are no chartists, (actually 1 chartist on this page) in LUNA, just snarky hodlers that are unwilling to see there is often a cat and mouse game in finding a position and essentially just want to ridicule anything bearish against their asset, when actually a reasoned trader (clearly none here) would welcome bearish information.

Algos in crypto are much more devious than in any other market and it can be quite a challenge to find that entry. They show you two sides of the coin on and on, but long term the trend isnt too difficult if you study divergences and correlated market influence. But you do have to be patient and retreat sometimes to find that extreme to get that home run swing trade which is coming. And the higher price goes the better the trade in the end, though snarky hodlers will want to say "rekt" and such at every juncture.

I post in multiple markets and the bar is very low in altcoins like LUNA lol. If you're a hodler and you do your research and are happy to hold through 95+ drawdowns through long market cycles that can go on for years with the confidence in the end your asset will do very well, and you stay away from charting and chartists then I have a lot of respect for you and really hats off. I have 1 online friend that is doing this and good luck to him.

But if you're a hodler that thinks trading fundamentals and Columbus 5 or whatever can mean you can see price action, or you think watching supposed "on-chain analysis" means you know price can't drop and you're now better than chartists, and you spend your time irritating bearish publishers like you're some superior trader, then you are just a gambler and an arrogant fool that is going to be rekt one day.

If I dont post any chartists are welcome to PM me to find my position.

Price currently where it was when I started this thread lol.

See you @$2.

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Genuine question - Columbus 5 is now live is it not? And according to some of you this should sky rocket price - but nothing seems to be happening. Anyone welcome to provide an explanation?

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Told yer all it would go to $2 😄.

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Ok I wasn't expecting $0.02 another 99.5% from my target.

dRends35

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dRends35

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