RUNE - Ready for Impulse wave 5
Updated
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.
Comment
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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