Hello dear Leo and Hive Community ,
I discovered Hive and Leo Finance community very recently . I took up trading and technical analysis as my recent hobby as well and i am learning the charts for quite some time now .
I figured this would be a great forum to share my TA posts and it will be kind of my own journal as well:)
So lets go with my first TA post without further ado !
LUNA looks like its about to break out of the symmetrical triangle to the upside . It has just broken out of a strong support at 53 USDT as well so things are looking good for LUNA at the moment.
Here is the Daily chart for LUNA/USDT .
LUNA's price has dropped heavily , almost 60% from its ATH of ~103 USDT and is currently sitting at ~55 USDT price point.
While most thought LUNA could drop even more, 200 SMA support came to the rescue and it has acted as a strong support already for 3 touches.
SYMMETRICAL TRIANGLE
At the moment , a symmetrical triangle pattern is forming on the daily chart and as we know, symmetrical triangle patterns has an equal chance of breaking up or breaking down.
It looks like LUNA is about to break out towards upside. However, it could also be a fake out and would lead to an eventual break down.
As such, i have marked down the T.P levels for both long and short scenarios based on the pattern as well as the S/R's.
Pattern Breaking out Upside- LONG
If the pattern breaks out , the price could touch as high as 82 USDT depending on the volume.
Long scenario - Price breaking the triangle to the upside
Targets are marked in the chart and target lines are in GREEN.
Target 1 is the obvious BB upper band in confluence with the triangle. 2nd and 3rd TPs with 65 and 70 USDT price are weaker resistances where as 1,4 and 5 are stronger resistance points .
Pattern Breaking out downside - SHORT
If the pattern breaks downside, the price could touch as low as 30 USDT which is the point of the large wick down that happened on Dec 4th.
Short scenario - Price breaking the triangle to the upside
Targets for Short marked in the chart and the target lines are in RED.
Hope this helps set your trades. Always DYOR .
Catch you soon with another TA post :)
Cheers,
Siran
