The post (THORCHAIN (RUNE/USDT) LONG/SHORT TERM PRESPECTIVE) appeared first on CRYPTO-DOCTORS.
Disclaimer - The analsys are based on current market trends and situation as all of you know the volatile nature of crypto. So, think twice before investing in any asset.
RUNE LONG TERM ANALSYS UNDER 4HRS TIME FRAME
As u can see in the figure bilow shows rune/usdt chart under 4hrs time frame source (TRADING VIEW) We can see a huge (HEAD AND SHOULDERS) pattern formed by rune. Which is a bearish pattern and rune has succussfully broken out of the neckline of (HEAD AND SHOULDER) and is now heading for a retest.If the retest gets succussfull rune can drop (29.82%) targeting the lower demand zone at ( 3.984-3.788) as shown in the figure as pink zone. In my opnion this scenario will only take place if the retest of the bearish pattern (HEAD AND SHOULDERS) gets succussfull and If btc fails to close a daily candle above 63k and drops to 59k.In worst scenario if BITCOIN fails to hold the 59k support then we can see rune dumping down to the support marked as (SWEAP LIQUIDITY) where most of the Long traders will get liquidated pushing the price to test the swing low and that willbe the final hope for rune to recover other wise any furthure declines will send rune to lower dips.
PRIICE ACTION OF RUNE UNDER 4HRS TF
As we can see in the picture bilow thier are key possibilities for rune to go more deeper or recover from here. Lets dive into it
If we talk about the current price of rune its (4.650) as of writing the price of rune during analsys was (4.598) i can see a slight 1% recovery in few hours however if rune holds the current support and bullish order block marked as pink zone in the figure bilow at (4.566-4.455) and at the same time the trend line resistance breakout will invalidate the bearish pattern and after the retest of the trend line rune can gain its value of (5.028) in short term than expected respectively. However if rune fails to hold this bullish order block we will see rune heading towards the price of (3.984) market as pink zone on the chart as it carries some bullish pressure if rune holds and consolidates above it rune can easily go back to the order block at (4.400) how ever if a decline of (3.984) zone happens sadly rune will dump to the sweap liquidity.
LONG TERM PRESPECTIVE.
If we talk about entries so i expect a huge bounce from the pink zone at (3.984-3.788) an entry here with a small stoploss set at (3.390) and the final target at (7.160) can be expected in a few weaks. I suggest spot traders to enter market at the mentioned price on the chart.
SHORT TERM LONG ENTRY FOR INTRADAY OR SCALPING
Short term intraday plain for scalping
If i talk about about our lovely intraday or scalp traders so i will suggest them to take an entry when the price breaks above the trendline resistance then after a retest of the trendline u can take an entry at the price of (4.745) a very small stoploss set at (4.650) and final target should be (5.029)
Scenario 2 - If the price decline again after testing the trenline the i suggest to take a short term testing entry at the average price of ( 4.755) a very little stop loss set at (4.377) and final target should be the upper resistance at (5.021-5.061)
Scenario 3 - if the price still decline and triggers your stoploss consider entring the market at the average price of ( 3.984) a very small stoploss set at (3.842) and final target for short term should be (4.442) respectively.
BEARISH TARGETS FOR RUNE
Some traders often love to trade the bearish market so the best scenario for taking a short position for rune should be at the price of ( 4.468) a very small stoploss set at ( 4.631) and the final target should be (3.984) and in the worst case targets could be extended till sweap liquidity depends on bitcoins pressure.
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