LUNABTC Rising Wedge aiming higher. Terra favored over Bitcoin.

LUNA (Terra) has been the biggest high cap winner of last month and took many by surprise. This LUNABTC chart on the 1D time-frame shows how LUNA is gaining against Bitcoin.

Actually it has been gaining since January 2021, when the pair's 1D MA200 (orange trend-line) broke to the upside and was turned into a Support. This Support has been holding until today and the reason for the sustainable rise is the formation of a Rising Wedge pattern. The LMACD provides perhaps the best indication that a Top is coming, being on Lower Highs, with the 1st High being the Higher High of the LUNABTC pair and the 2nd being the Top. This has been consistent for a whole year, having been formed on 3 occasions.

Every Top on the Rising Wedge has been formed around the 2.0 Fibonacci extension. As long as the pattern holds, that 2.0 Fib ext is at 0.00400, meaning that LUNA will continue to be favored over BTC. If that coincides with a Lower High on the LMACD, then you have your top.




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