Bull run IS CANCELLED
Aggiornato
Just to be clear, this is not like a thorn in LUNAtic's side. I believe in this coin and its foundation as well, but we should be honest with each other, because for today LUNC's graphic is just horrible. We have already seen a lot of manipulations with the price and, in my opinion, there is more to come.
First of all, take a look at a trendline coming from our highest price point one month ago. We have a perfect 3rd test of this line that told us we must be concerned about how in the near future our price will react with this trendline. Moreover, I would say that we can't even think about long position while we are floating under this resistance, so waiting for break through with big volume and retest from the opposite direction must be in the first place.
Second thing - Day chart. We had three days of rather positive growth that allowed the community to believe that there is a chance to reverse the trend. Yesterday's candle made those dreams disappear, because the whole pump was devoured in one day by the bearish engulfing. Always keep in mind that price movement that is not confirmed by volume won't last long.
Finally, the most pessimistic remark is appeared Head and Shoulders pattern. We have confirmed it since today's morning by [again] ideally retaining neck line. For now the price is moving slowly downward, you can try to catch this stir, but do not forget about stop loss over the model's neck line.This is truly important due to fake H&S which will become a strong bullish signal for us. The target price is really close to the order block on 0.00018 - 0.00020, that's why we can retest it before new impulses.
The main idea that we should understand today - the market tries to get rid of "weak hands". If you believe in this project as i do, just HODL and make a profit. Good luck!
P.S. It is my first post, so i would like to see your thoughts about it :)
First of all, take a look at a trendline coming from our highest price point one month ago. We have a perfect 3rd test of this line that told us we must be concerned about how in the near future our price will react with this trendline. Moreover, I would say that we can't even think about long position while we are floating under this resistance, so waiting for break through with big volume and retest from the opposite direction must be in the first place.
Second thing - Day chart. We had three days of rather positive growth that allowed the community to believe that there is a chance to reverse the trend. Yesterday's candle made those dreams disappear, because the whole pump was devoured in one day by the bearish engulfing. Always keep in mind that price movement that is not confirmed by volume won't last long.
Finally, the most pessimistic remark is appeared Head and Shoulders pattern. We have confirmed it since today's morning by [again] ideally retaining neck line. For now the price is moving slowly downward, you can try to catch this stir, but do not forget about stop loss over the model's neck line.This is truly important due to fake H&S which will become a strong bullish signal for us. The target price is really close to the order block on 0.00018 - 0.00020, that's why we can retest it before new impulses.
The main idea that we should understand today - the market tries to get rid of "weak hands". If you believe in this project as i do, just HODL and make a profit. Good luck!
P.S. It is my first post, so i would like to see your thoughts about it :)
Trade chiuso: obiettivo raggiunto
Took longer than I've expected, but even though H&S pattern's price target been reached. I'm not queit sure if we fall deeper (actually would like to reach accumulation on 0.0013$), but resistance trend line still needs to be broken and LUNC for now doesn't look really well. Anyway wish you the best luck, traders.
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