Weekly Timeframe Analysis (RUNE/USDT)This weekly chart provides a broader perspective and helps identify longer-term targets and trends.
1. Price Structure (Elliott Wave Projection):
The chart suggests a potential 5-wave Elliott structure, implying a medium-to-long-term bullish reversal pattern.
Wave (1) starts from the current support (~1.2 USDT) aiming towards ~6.1 USDT.
Wave (2) is projected to pull back after reaching ~6.1 USDT.
Wave (3) could extend up to ~16.7 USDT, making it the strongest wave based on Elliott Wave Theory.
Wave (5) targets the ~20.99 USDT region as the final bullish extension.
2. Ichimoku Cloud:
The price is still far below the weekly Ichimoku cloud, signaling a strong long-term bearish trend.
However, the current price level (~1.28 USDT) is near historical support and the chart indicates a possible long-term reversal.
3. RSI (14):
RSI is currently at 28.90, near the oversold region (<30).
Historically, price has often bounced from this zone in previous cycles (e.g., late 2022 and early 2023).
4. MACD:
MACD is deeply negative and currently flattening, suggesting selling pressure is fading.
A bullish MACD cross could occur in the coming weeks, supporting the long-term reversal scenario.
5. Major Buy Zone (Long-term accumulation):
1.20 - 1.30 USDT: This is the key accumulation zone.
Historically, this has been a strong base where bulls stepped in.
Considering the weekly timeframe, this zone offers high potential with a favorable risk/reward ratio.
6. Major Take-Profit Zones:
TP1: 6.12 USDT (First significant target aligned with Fib 0.236 level).
TP2: 10.62 USDT (0.5 Fibonacci retracement level).
TP3: 13.14 USDT (0.618 Fibonacci zone - strong resistance).
TP4: 16.71 USDT (extended bullish scenario).
TP5: 20.99 USDT (Fibonacci extension target if a full bullish cycle plays out).
7. Summary & Strategy:
The setup suggests a long-term bottoming process at current levels with room for a potential multi-wave bullish structure.
Accumulate between 1.20 - 1.30 USDT.
Consider scaling out at each TP level based on your risk appetite and market conditions.
Stop loss idea: Below 1.00 USDT (to protect against breakdowns).
