Hello, crypto enthusiasts! Today we will analyze RUNE. Let's determine the optimal entry point and set three targets for profit taking. 📊🔗
Graph analysis:
1. Imbalance and liquidity zones:
The 4-hour chart shows an imbalance in the $1.10-$1.20 area, where the price has previously risen quickly without significant pullbacks. This could be an attractive area for large market participants.
2. Order blocks:
In the range of $1.05–$1.10, there is a bullish order block formed by the last bearish candle before the impulse rise. This zone may serve as strong support.
3. Fibonacci levels:
By drawing the Fibonacci grid from the recent low of $0.90 to the high of $1.50, we see that the 0.618% level (golden ratio) is around $1.15, coinciding with the aforementioned order block. This reinforces the significance of this zone for potential entry.
Trading plan:
Entry point: Considering opening a long position (LONG) in the zone of $1.10–$1.15, where the order block and the 0.618% Fibonacci level coincide. 🎯
Profit-taking targets:
1. First target: $1.30 — the nearest resistance level and partial profit-taking (~30%). 🥇
2. Second target: $1.45 — the previous local high, taking profit of another 50% of the position. 🥈
3. Third target: $1.60 — a psychological level, where we take profit on the remaining 20%. 🥉
Stop-loss: Set at $1.00, just below the order block, to limit potential losses. 🚫
Probability of trade execution:
Considering the alignment of several factors (order block, Fibonacci level, and imbalance), the probability of a successful trade execution is assessed as high. However, remember that the cryptocurrency market is volatile, and risk management rules should always be followed. 📈
Note: This analysis is for educational purposes and is not financial advice. Always conduct your own analysis before making trading decisions.
Happy trading! 🚀🔗