RUNE has recently bounced from its daily trendline support after doing 50% correction of Impulse wave 3. It has been making Pennant on 4 hour timeframe which was recently broken upward as shown below:
As you can see the opening of pennant has height of ~4.6$, which indicates upward movement of same height. The macro 0.617 Fib also lies around that height along with the height of impulse wave 5 according to impulse wave 1.
Both of these are indicating a strong upward movement up to 0.618 Fib.
As you can see the opening of pennant has height of ~4.6$, which indicates upward movement of same height. The macro 0.617 Fib also lies around that height along with the height of impulse wave 5 according to impulse wave 1.
Both of these are indicating a strong upward movement up to 0.618 Fib.
Note
Funding rate for RUNE is already very high so watch out for any fake outs to shake the weak hands / to liquidate longs.Trade closed manually
RUNE has broken the critical trendline support. I am expecting this to be a fake-out but its not advised to take risk currently, waiting for daily closure for time being.Trade active
Yesterday I did mention to watch out for fakeouts and thats exactly what happened here
Trade closed: target reached
Target 1 was achieved followed by crash due to Bitcoin.Trade management, profit booking and using SL are important due to this reason since market is very volatile and anything can happen.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.