THORChain (RUNEUSD) is testing the 1D MA50 (blue trend-line) as short-term Resistance after a clear-cut bounce at the bottom of the Megaphone pattern and just above the 1W MA50 (red trend-line). This mobilizes the 1W MA levels to come into focus and justifies a short-term (at least) buy towards 2.5000 (top of Megaphone and expected contact with the 1W MA100...
We last looked into THORChain (RUNEUSD) 3 weeks ago (see chart below) when we called for a pause of the enormous uptrend within the Resistance Zone:
As expected, the price got rejected on the 1.9750 Resistance and pulled-back to the 0.382 Fibonacci retracement level. Needless to say that after breaking above the Falling Wedge pattern, as well as the 1W MA50...
THORChain (RUNEUSD) broke above the top (Lower Highs trend-line) of the 1 year Falling Wedge pattern (since the August 11 2022). This is a major bullish break-out, considering that the price also broke above not just the 1D MA200 (orange trend-line) but also the 1W MA50 (red trend-line) for the first time since April 26 2022.
As long as the 1.7250 - 1.9750...
THORChain (RUNEUSD) has been trading within a Channel Down pattern since the June 13 2022 (weekly) low inside a longer-term Bearish Megaphone since the May 17 (weekly) High. The 1W LMACD is close to forming a Bullish Cross. If completed, the short-term target will be the 1D MA200 (red trend-line). A break above the 1W MA50 will further be a bullish break-out...
Thorchain (RUNEUSD) is on a very strong two-day bullish streak with the RSI breaking above its June 06 high. Last time we posted a trade on RUNE, it was the 1D MA50 (blue trend-line) that helped us identify a confirmed buy:
The token has been trading within a Channel Down pattern ever since its May 18 2021 market top. As you see, on both Lower Lows...
RUNE had a great 1D candle yesterday, the strongest since February 2021. As it broke above the 1D MA50 (blue trend-line), a buy signal emerged, as this has been its Resistance since December 01 2021.
Last time the 1D MA50 broke following such a long-term correction, was on July 30 2021. The crossing of the MA50 gave an instant buy signal, with a Bull Flag later...
