⚔ RUNE smashing levels-broadening wedge
Updated
-- There are still 3 hours left for this daily candle to close, so in case it breaks out of the wedge I will update this idea later. --
After forming a double bottom under 200EMA on daily chart, yesterday the price smashed right through both moving averages and the key level of 9.23 finally reaching the top of the broadening wedge formation where it faced strong rejection.
It would be healthy price action if we saw a pullback to retest the daily dynamic resistance as well as key level (9.23) But keep in mind even though RUNE is now trading above all major resistances it is still inside of a descending formation.
Entry: average buy 9.70 - 8.40 -- or wait for breakout from the formation (buy above 10.5 on a local pullback)
TP1: 10.57
TP2: 12.91
TP3: 16.82
TP4: 21.29 (~130%)
TP5: OPEN++
After forming a double bottom under 200EMA on daily chart, yesterday the price smashed right through both moving averages and the key level of 9.23 finally reaching the top of the broadening wedge formation where it faced strong rejection.
It would be healthy price action if we saw a pullback to retest the daily dynamic resistance as well as key level (9.23) But keep in mind even though RUNE is now trading above all major resistances it is still inside of a descending formation.
Entry: average buy 9.70 - 8.40 -- or wait for breakout from the formation (buy above 10.5 on a local pullback)
TP1: 10.57
TP2: 12.91
TP3: 16.82
TP4: 21.29 (~130%)
TP5: OPEN++
Note
update:I think I made a mistake drawing the upper trendline to high. I re-adjusted it and with the current narrative the price is in fact above the formation.
tradingview.com/x/zIeoXhxA/
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