Looking good, adding some labels for better explanation. Being a RE-accumulation after the fomo/hype sell off top, the labels begin with typical distribution labels. IF all goes well, volume will drop off as the price set's a last point of support, we should then see a sign of strength leaving the range, most likely a back up to creek edge, and then a continuation. Let's watch and see.
always tough if btc rises liquidity to thor increases hence its rise
looking good this year hopefully
Rolleys
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@Moon_Boy_, yeah i think technicals still work, for instance the chart shown is actually showing volume as traded on an exchange, not even on thorchain. Rune itself is still subject to supply and demand, just like any other coin. For instance, the node ops need a tonne of Rune to bond for security, with the first shard happening recently the network doubled it's nodes. Plus the speculative buyers seeing the network begin to mature finally. Anyway, yes it is more complex because of the pools, but still.. I reckon it's a valid theory :)
yell0w
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Do you think ~9.8 target is good entry place ?
Rolleys
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@yell0w, not sure mate. I'd need to get right down in the fast time frames and watch it like a hawk and judge then to pick the best buy. Basically I bought it, and kept buying it, from $10 all the way down to $5 recently. Initially I bought in to the hype blow off top, with fomo like every other sucker haha. But I also wasn't liquid enough to smash out heaps of buying right at the bottom peaks. Basically look, if I'm right, and this is an accumulation structure on the daily to weekly timeframe, then it should technically trade out of range to the up side. Read more about Wyckoff accumulations and see what you think. If I'm wrong or if the market completely shits itself, then we're both out of luck :D all the best!
Rolleys
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I should also add; that breaking, retesting, and resumption of the EMA200 is absolutely beautiful. (after the spring and the thick yellow line) - right on the tip of the volume node and just a touch above the POC. Delicious.
always tough if btc rises liquidity to thor increases hence its rise
looking good this year hopefully