THINK IN THE FUTURE
Rune currently looking bearish like every other alt in the market, if bitcoin goes at least to 23-24k area as I've been sharing for weeks alts will suffer even more, another 30% drop in bitcoin will be easily a 60-80% in alts.
Looking at the chart I don't think we are going back up to ATH area respecting that 3$ support, too easy and too many people positioned above that price.
So that's the scenario for me, break below 3$, shake entire market and drop to to 1$ area pushed by bitcoin and btc pair going down too, every price given around 1$ is a nobrainer buy for me, looking to hold till next bull trend.
Those are the objectives for me, do not rush, not in RUNE, no in any other ALT, entire market is correcting so it does not mather the name of the coin, this will take months to recover, there will be chances to buy at perfect positions while price forms an accumulation range, accumulates for months, fakes some break outs up and down, and moves back up.
Timing is always hard in long term scenarios, it could be spring 2023 at least, but market will tell and update.
Lines are just for decorative purpose, the pattern could be completely different but still a accumulation pattern that needs to respect those levels.
My line in the sand is the red box, around 6.5-7$, that area needs to hold as resistance.
Good luck.
Looking at the chart I don't think we are going back up to ATH area respecting that 3$ support, too easy and too many people positioned above that price.
So that's the scenario for me, break below 3$, shake entire market and drop to to 1$ area pushed by bitcoin and btc pair going down too, every price given around 1$ is a nobrainer buy for me, looking to hold till next bull trend.
Those are the objectives for me, do not rush, not in RUNE, no in any other ALT, entire market is correcting so it does not mather the name of the coin, this will take months to recover, there will be chances to buy at perfect positions while price forms an accumulation range, accumulates for months, fakes some break outs up and down, and moves back up.
Timing is always hard in long term scenarios, it could be spring 2023 at least, but market will tell and update.
Lines are just for decorative purpose, the pattern could be completely different but still a accumulation pattern that needs to respect those levels.
My line in the sand is the red box, around 6.5-7$, that area needs to hold as resistance.
Good luck.
Related publications
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.