THORChain Double-Bottom & Local Support (100%+ Growth Potential)Here we have a very nice chart setup because we have two sets of bullish signals; the first one is a double-bottom between August 2024 and October 2023 and the second one is a move above 'local support.'
As long as RUNEBTC trades above this blue line, local support, the pair can be considered extremely bullish. If it moves below, the bullish potential remains valid and strong as long as it remains above the double-bottom price range. So overall this is a strong setup because even if prices drop the bullish potential remains strong.
There is one final support level that matches the price at which RUNEBTC traded between June and August 2023, this is the main low. Normally we would look for a higher low to expect growth but if prices drop we can simply wait long-term. The most likely scenario is the one were we experience some growth followed by a retrace and then additional growth.
We are set to experience green for a long time. Any retraces and corrections should be used as an opportunity to buy because these are only short-term. The worst part is already over and we are now in the accumulation phase. Accumulation means buying, buying as much as you can. We only think of taking profits in 2025.
Thank you for reading.
Namaste.
