THORChain / RUNEUSD is testing yet again Resistance A (1.97500), after after 3 failed attempts to cross over it in the past 6 weeks.
That would favor a bearish move if at the same time the 1week MA50 didn't hold being the Support.
If it closes the week over Resistance A, it will the signal to buy and target 3.5000 (1week MA200). That will be inside the 0.5-0.382 Fibonacci range, a hot zone for the market as it was the long term Support turned to Resistance during the Bear Market.
Expect consolidation inside this range and then another run to 5.000 as the 1week MACD is marginally over the 0 mark, meaning that there is still considerable upside to it.
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That would favor a bearish move if at the same time the 1week MA50 didn't hold being the Support.
If it closes the week over Resistance A, it will the signal to buy and target 3.5000 (1week MA200). That will be inside the 0.5-0.382 Fibonacci range, a hot zone for the market as it was the long term Support turned to Resistance during the Bear Market.
Expect consolidation inside this range and then another run to 5.000 as the 1week MACD is marginally over the 0 mark, meaning that there is still considerable upside to it.
Follow us, like the idea and leave a comment below!!
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