As you can see $RUNE tends to drawback up to 30% once RSI on daily is overbought. These drawbacks normally end up being the last swings high. $RUNE had a strong day being up 20% while whole crypto space is down 10% and more. However with weak breakout and rejection on BTC and bearish RSI divergence on ETH I suspect a short term drawback next week. Following the pattern this would mean daily RSI goes back to 60 and we re-visit previous swing highs at $2.70 which would be perfect level for re-entry or to increase existing long position.
I took substancial amounts off and will try to ladder in to any drawbacks below 3$ to increase my holdings.
I advice against shorting this asset, since it is overall quite bullish. You only want to short if the overall trend is bearish - so all we do is having cash to buy in lower.
Good luck and stay safe.
I took substancial amounts off and will try to ladder in to any drawbacks below 3$ to increase my holdings.
I advice against shorting this asset, since it is overall quite bullish. You only want to short if the overall trend is bearish - so all we do is having cash to buy in lower.
Good luck and stay safe.