RUNE Bullish Trade Signal On The 4H Chart Broke Through Resistance â 20% Potentialđ
ThorChain (
$RUNE ) has recently generated a bullish trade signal on the 4-hour chart, indicating a promising opportunity for traders. Here's a detailed analysis:
Technical Analysis
Bullish Signal:
- Indicator Crossovers đ*: Key moving averages (e.g., the 50 and 200 EMA) may have crossed, signaling potential upward momentum.
- Volume Increase đ: An uptick in trading volume often accompanies these signals, confirming trader interest and potential price action.
Breakthrough Resistance:
- Key Levels đ: RUNE has broken through a significant resistance level, which previously acted as a barrier to higher prices. This breakout is a strong bullish indicator.
- Retest and Confirmation đ: After breaking through resistance, the price often retests the level. If it holds as support, it confirms the breakout.
Potential Upside
20% Potential Gain đ:
- Target Calculation đŻ: Based on historical price action and Fibonacci retracement levels, the next target could be around 20% higher from the current breakout point.
- Risk-Reward Ratio âïž: A favorable risk-reward ratio (e.g., 3:1) makes this trade appealing, with a potential 20% upside versus a manageable downside risk.
Trade Considerations
Entry Point đą:
- Entering the trade close to the breakout point or after a successful retest of the new support level ensures a better risk-reward profile.
Stop Loss đŽ:
- Setting a stop loss just below the new support level (previous resistance) minimizes potential losses if the breakout fails.
Profit Target đ:
- Gradually taking profits as the price approaches the 20% target helps lock in gains while managing risk.
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$RUNE #runecoin #ETHETFsApproved #TradingShot #TradingMadeEasy #SuperMacho Happy trading đ