Terra breaks out of a bullish pattern, but can it retest support before resuming rally - Aliens: AI Crypto News & Markets Updates

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Terra breaks out of a bullish pattern, but can it retest support before resuming rally

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AMB Crypto

Fri, Jan 14, 2022

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Aliens TLDR

Bitcoin bounced from the $40k area, and Terra had a strong move upward too.

Bitcoin had some support in the $41.9k area where demand was likely to arise.

Terra, too, could dip lower alongside Bitcoin, find demand, and climb higher on the charts in the near term.

The swing high and low at $103.6 and $81, based on LUNA’s drop in late December, was used to plot Fibonacci retracement and extension levels (white).

LUNA had demand behind its move upward and formed a series of higher lows as well as an ascending triangle pattern (gray) before it broke out to test the $83.82 resistance level.

Since there was sufficient demand to drive LUNA past the $75 area, it was likely that a retest of the same area could occur over the weekend.

The RSI straddled the neutral 50 levels, but it could head lower in the short term if LUNA continued to dip.

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