Long

Rune keeps compressing upwards

Updated

Rune keeps compressing upwards. With it's lending mechanism out in full force it's creating buying pressure on the token.

Technically, we have the EMA's crossed over and sloping up on the daily which looks really good for a continuation move.

RSI also looks good with a gradual slope up and showing strength.

If this ascending triangle pattern continues to play out, we could see RUNE push a lot higher.

Cheers.

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Previous post when it first hit my radar screen -

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Reopening this Rune trade where I closed out. These levels are holding and we could get a rebound as we go into a normally cyclical bullish part of the season. Targeting $5. It has to break $2 to ratify any type of serious move to the upside.

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Watching this Larger flag pattern, key $1.5 area and VWAP.

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Flag held, and what a move!

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Moving targets higher, this thing could have legs. No interaction on these posts is even better. Keep it pumping.

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The original target of 5.25 hit. taking 50% off with things stalling and will look to re-enter

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Re-entering my 50% position and adding to this trade. #rune has remained above these major resistance's and if it blows through this trendline it could hit as high as $20 on a ETF or a mini bull market.

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Assuming this weekly closes like this tomorrow, it is very bullish.

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It should come as no surprise that we are getting a pullback, the fact that we have not pulled back more is good. Just like the previous consolidation period, Rune and all of crypto will probably chop around for the rest of December before ETF news drives up the price, or the rumor of it does. All that being said, the key area for Rune to consolidate and move higher without a substantial pullback is holding on to this $5.5 area, give or take. Here is how I see it playing out at the moment -

And I know elliot wave, but it's very possible some of the markings are off, it's more of a guide of how I see it playing out over the next couple months. Main thing to watch is how high rune goes in comparison to BTC

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Nothing really decisive happening. Looks like it's consolidating similar to last time before the next leg up. So far haven't seen anything terribly worrisome besides chop. With an ETF prospect coming out, I would rather sacrifice some potential gains on the prospect I might catch a move to $15 or $20.

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still holding, looking at this more, the last time Rune hit this EMA it bounced hard and kept going which is what it seems to be doing at the moment. Sitting on my hands for the time being.
What is noteworthy is I find a $20 less likely now with a semi structure break down and will be quicker to take 50% off if it hits $15

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The weekly uptrend is still in tact, but the daily has now broken down. As much as $3 on the downside could be seen here.

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The most bullish thing about Rune right now is the fact that bitcoin looks so good.

However, there are a few positives in rune itself, it's broken out of it's small downward trendline but it's got a TON of resistance at the $5 area. If we can get above that I would be more apt to say we have bottomed.

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A nice move above this $5 area, we want to see it hold this for the day. Over the weekend isn't as important IMO with the lack of liquidity/interest/movement. As long as we get some follow through next week and bitcoin starts breaking higher, it will be bullish.

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The new protocol is going to drive RUNE a lot higher IMO. Same targets as before, 20

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The more I learn about Rune the more I want to hold it through the supercycle to see what happens. I have found that you make the most money being "lazy" or finding projects you believe and focusing in on what the possibilities are from that. I have seen upwards targets on rune of $150-$200. At the moment I am very skeptical we could go that high. But my plan is to sell 25% at $50 and 25% at 75 and the rest at $95, just before 100. I might target $75 initially depending on whats going on, but those are my targets for the moment.

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New thread -

ChartDudes

Opinions on Chart's, not financial advice.

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RUNE EMA's crossing up

by ChartDudes

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