RUNE/BTC ThorChain Bullish Exit. Chance to triple your Bitcoin!BINANCE:RUNEBTC is forming a perfect trade setup with a clear defined stop loss and a few targets at +50%, +75% and 3x the current price.
I've been watching RUNE for a long time, and I have made two calls in the past year that were both correct in direction but never reached their targets.
The first call:
On the week of 12 April 2024 when this triangle was broken, I called a target of 3116 Sats. The target was never reached. We ultimately reached a low of 5100 Sats, but we did so in a gradual fashion respecting a descending trendline, which supported the price and acted as a lower line of a falling wedge structure that looks like this:
This was my second call with a target of 10,200 Sats. That target wasn't hit either.
The same lower line of that orange falling wedge now, in light blue, defines the bottom of a new falling wedge structure which is the main subject of this trade.
Price has broken above the falling wedge, then attempted a reversal off the top of it. Four times, the upper line supported price only to be broken the fifth time. A week later, price broke again above the line. I believe this is a perfect setup for a trade with a tight yet reasonable stop loss, and potentially a 3x bullish target.
Bear in mind, I'm calling 3x versus Bitcoin. I'm not talking about BINANCE:RUNEUSDT , which may well reach higher gains.
The stop loss is represented by the descending support line (dotted light blue) beneath the Falling Wedge's upper side.
The Targets are:
50% up to 8400 Sats.
75% up to 10,280 Sats.
200% (3x) up to 18,000 Sats.
Whether RUNE's price will reach these targets depends on the strength of the move. In the case where price gets rejected before or at reaching the first target at 8400 Sats, we can judge the momentum to be too weak, and expect a drop back to the falling wedge, this time, reaching the bearish target of my first call at 3116 Sats.
If the move is strong enough to reach the second target of 10,280 Sats, I expect a pull back and re-accumulation phase into what I labelled the Launching Platform on the chart. (Should've simply called it a Launchpad XD). This could be a bull pennant or an ascending triangle. That's what will push price to the third and log-scale target of 18k Sats.
Follow this chart here .
