LUNAUSDT Chart Analysis with multiple timeframe perspective
Hey there, hope you all are doing very well. Today I am going to share my analysis on the crypto pair LUNAUSDT in the multiple timeframe analysis. I always analysis the chart in the Tradingview and take trade in the Binance.
I am fundamentally bullish on USD and a slightly bearish on Luna. For that I will most probably want to look for a sell setup in technical chart of LUNAUSDT. Let's see
Technical Analysis
In D1
If we consider the Daily chart of LUNAUSDT, we see price is in a beautiful uptrend supporting by a beautiful uptrend line. The price has touched this trend line severel times which has made this uptrend-line more significant. And currently the price is in a corrective/pullback move down to the trendline after touching the new high of 120 level. The trend-line is at 62 level from where I expect that market will get some buyers and by chance, if the price breaks this level then the next support is at 47.
So the conclusion is that there is still some room to be short biased until price goes to 62 level.
LUNAUSDT, D1, uptrend-line, 62 level and 47 level
Image source: tradingview, prepared by me
In H4
Look at the chart below, the corrective move to the downside of the D1 looks like a downtrend in H4. The price is making lower lows and lower highs, and breaking support zone which turns into resistance - a perfect short-term downttrend. And the price is likely to continue to go lower as the next support is at 70.
To conclude, I am short biased until the price touches the ncxt support 70 level.
LUNAUSDT, H4, price is breaking support which turns into resistance later
Image source: tradingview, prepared by me
In H1
The price is a beautiful down slop. And the 50 & 200 MA are aligned downwardly i.e., the 50 MA is below the 200 MA which indicates that sellers are in control.
Also note that market has in an indecision situation from 15th april - the price is going nowhere. Does it mean that sellers are getting out of the market or that the sellers start taking profit ! And that makes my sell bias in a bit confusing perception. Anyway, I will be open-minded while opening a trade here - that means I will change my sell bias if the price action says so.
To conclude, in H1 we see downward pressure in both price action and indicators confluences and short biased is held until further changes happen in price action
LUNAUSDT, H1, the 50 & 200 MA are aligned downwardly
Image source: tradingview, prepared by me
In M30
The indecision situation of H1 makes a consolidation zone in M30. Look at the chart below, the consolidation zone is bounded by a minor support and resistance zone. So we have got two scenarios here. let's discuss. 1st scenario: If the price make a power move (a big volumed bull candle) to the upside breaking the resistance zone of the consolidation period - the breakout of the resistance zone and I will consider a buy entry once the pullback happens. The entry zone is shown with a golden elipse in the chart below. 2nd scenario: If the price make a power move (a big volumed bear candle) to the downside breaking the support zone of the consolidation period - the breakout of the support zone and I will consider a sell entry once the pullback happens. The entry zone is shown with a golden elipse in the chart below.
LUNAUSDT, M30, the consolidation period, waiting for breakout in either side and expecting the market will go in the shown direction
Image source: tradingview, prepared by me
I always take trade when my both fundamental and technical analysis say same thing otherwise I choose to wait for the right time
Disclaimer: This post is not a trading mantra or get rich quick method, it is made only for educational purpose. I truely want to help others who want to learn Forex and Crypto trading and investing. Trading in the financial markerts involvs a lots of risk.
This is it for today. Tomorrow I wil come up with my another crypto analysis, stay tunned.
Feel free to comment what you feel about this pair and it will be great if you show some supports by giving me upvotes.
Thank you so much if you make it to the end.
Hope it helps
Happy Trade 馃槉
