RUNE LONG[SHOT] ð
RRUNE look like it's behaving in a ranging pattern (like most of the crypto market right now)
However this pattern i've found on RUNE looks very clean for a long-shot.
The FACTS
1. Price action is moving in a 27% range bound since breakdown and restest*** - see fib levels.
2. Price is reaching the very bottom of the 27% price range.
3. Price has respected a very clean yellow trendline from the highs of $3.83 all the way down to current price of $2.8
4. There are two heavy order block resistance points printed at July 21 and Feb 22 - see red box labeled RESISTANCE)
Confluence of Indicators
Foreword
A break on the upside of the yellow trendline would open the line for a long position. I would only shoot for a long once this trendline IS broken with conviction henceforth spying for a RETEST in order to open the LONG. I would be looking for a 20% move to the upside before closing the trade with a relatively tight stop loss in place.
1. A break of conviction above the green dotted line at 2.9 would signal long options. i would like to see price hike over $3-$3.10 and then look to buy long spots at $2.9
2. Red box of Resistance confluences with fib level blue 0.66 and fib level yellow 0.618. - this is one of the golden indicators i use for spotting reversals. - here is where i close the trade.
3. BULLISH DIVERGENCE spotted with dashed yellow lines on OBV AND RSI - powerful indictor of reversal.
4. Price is still respecting the 27% bound range and MAY*** have finished its testing of the lows.
Conclusion
Potential for a clean 20% upmove with a nice 5R risk to reward (a 4% stop loss) is more than on the cards.
Have to see a clean convicted break of yellow trednline!
However this pattern i've found on RUNE looks very clean for a long-shot.
The FACTS
1. Price action is moving in a 27% range bound since breakdown and restest*** - see fib levels.
2. Price is reaching the very bottom of the 27% price range.
3. Price has respected a very clean yellow trendline from the highs of $3.83 all the way down to current price of $2.8
4. There are two heavy order block resistance points printed at July 21 and Feb 22 - see red box labeled RESISTANCE)
Confluence of Indicators
Foreword
A break on the upside of the yellow trendline would open the line for a long position. I would only shoot for a long once this trendline IS broken with conviction henceforth spying for a RETEST in order to open the LONG. I would be looking for a 20% move to the upside before closing the trade with a relatively tight stop loss in place.
1. A break of conviction above the green dotted line at 2.9 would signal long options. i would like to see price hike over $3-$3.10 and then look to buy long spots at $2.9
2. Red box of Resistance confluences with fib level blue 0.66 and fib level yellow 0.618. - this is one of the golden indicators i use for spotting reversals. - here is where i close the trade.
3. BULLISH DIVERGENCE spotted with dashed yellow lines on OBV AND RSI - powerful indictor of reversal.
4. Price is still respecting the 27% bound range and MAY*** have finished its testing of the lows.
Conclusion
Potential for a clean 20% upmove with a nice 5R risk to reward (a 4% stop loss) is more than on the cards.
Have to see a clean convicted break of yellow trednline!
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