Any half decent trader would have secured profits when Luna hit $100. If you did not do that yet, well... what are you doing then?
Unless you are in for the long haul, not taking profits here on this chart is a big opportunity cost as LUNA is more likely to drop to $77 before going to $500.
Why is the chart bearish, here are fact-based, objective reasons that are based on HARD data:
1. Most obvious, $100 is a key ROUND psychological level. Such levels have always acted as key resistance/support levels.
2. Volume has dropped, hard. Last time volume was this low was in November, before the pump. This is a clear warning sign.
3. Massive bearish divergence on RSI on daily, weekly. Plus daily RSI as shown on this chart is already falling down... not good.
4. Bearish divergence on daily MACD histogram. Histogram making lower highs. No bearish cross on the moving averages yet though.
What does this tell me? Loss of momentum is confirmed. Do you FOMO when a coin is weak or when it is strong? Do you FOMO when price is under resistance or when it is above support?
Do you buy high and sell low? No. You buy support and sell resistance.
The best trade now is to sell Luna and wait for support to re-enter.
Yes, Luna's fundamentals are strong and will likely push Luna much higher, but not right now.
Don't forget we deal in probabilities, anything can happen, but you should keep odds on your side. Only if $100 turns into support, should you consider an entry at such price levels. Not the case now.
Ok. I have to admit this is an excellent TA. Can´t argue bout that, clear facts, well done. I like that you´re not permabear ("LUNA will go to 40$") but see clearly higher potential. That´s why I like and follow you. Thank you.
Thank you.