"Rune Coin Analysis: Weekly Support Break"🕵️♂️ Let's dive into the analysis of one of my favorite coins for trading, Rune. We'll review our previous analysis and check the triggers for the upcoming week.
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📅 Weekly Time Frame:
Rune is one of those coins that broke its weekly resistance and box, experiencing an upward move with increasing volume, confirming the trend.
However, after failing to stabilize above the 11.312 resistance, sellers entered the market, forming a lower high and low, resembling a head and shoulders pattern. However, this is actually a QM setup in the weekly time frame.
I haven't explained the QM setup in this channel before, but it looks similar to head and shoulders. One side of the low is higher or lower compared to the left side, and it's more common in Forex.
🔍 In the future, I'll provide a tutorial on this topic. For now, the difference between these two patterns is that head and shoulders have equal sides, while QM has differing sides.
📆 Daily Time Frame:
On the daily time frame, we are at a significant support level with a gap below it, indicating that once broken, we can easily move further down.
After being rejected from the 10.650 ceiling and breaking the 7.231 support for a short-term correction, we confirmed a bearish trend after breaking the 4.760 support. Currently, we are bearish in the medium term.
⏳ Additionally, our RSI is in a downtrend, and entering oversell territory and breaking below 28.45 will confirm the continuation of the bearish trend.
⏰ Four-Hour Time Frame:
In the four-hour time frame, we experienced a sharp decline due to market correction and are now at a significant daily support level, making it a suitable coin for position opening.
📉 Short Position Strategy:
our trigger is clear. Below the trendline, we are forming lower highs and equal lows, indicating a bearish nature. We will open our short position after breaking the 3.888 support.
📈 Long Position Strategy:
considering we are at significant support, there is a possibility of this support being faked out. If this support is faked or the trendline is broken and the 4.292 trigger is confirmed, we can open a risky long position if volume increases.
🔑 Key Support and Resistance Levels:
Supports: 3.888 , 3.483
Resistances: 4.292 , 4.756