Bitcoin sneezes and the entire cryptoverse catches a cold.
That was true today as a bunch more margin traders, unfortunately, got liquidated on their longs following the BTC retracement.
The same was replicated across various markets but the one I always keep my eye on is RUNE on the Spot market.
RUNE has been creating all-time highs every other week going as high as $5.77 beating the previous ATH of $5.01.
Basic layman analysis probably tells you that the project is slowly gaining traction, reputation, and interest over time.
Nobody can predict where the price will be in a year but when a project this well-thought-out comes out, the general sentiment is that the projection can only be higher and higher.
So, as a spot trader, my operating strategy for RUNE is identifying areas of support during retracements, buying around these areas, and selling after 'X' percent in profit.
This brings me to my latest trade.
RUNE has found very strong support around the $3.6 price area where price has rebounded several times since the start of February 2021.
Every single time BTC has retraced, RUNE has equally dropped and quickly pulled back off this area that I have marked as a support zone.
So, once the alerts started coming through signaling a 'crash' for lack of a better word, I set buy orders at $3.6 which were quickly filled in under 20 minutes.
Shortly after, I set my sell order at $4.5, and in under 5 hours price had retraced back and the order had closed in profit.
This is one of those very rare good trading days where you don't have to keep checking your charts every morning when you wake up to see if you are a dollar richer than you were the previous day.
However, such moves are usually followed by a retest of the same support zone which can provide another opportunity to buy but sometimes can break them.
We could see some further downside beyond the green support zone which would allow us to pick up some more cheap RUNE or we could see price rebound yet again and push the ATH(All-Time High) of $5.77 and we could see $6 RUNE in the new month.
Regardless of whether it breaks support or rebounds, my next trade will not see me sell my entire bag of RUNE.
Now that I have hit my 'X' target of capital, it is time to develop my trading strategy to also include hodling of some RUNE bags for longer than a day or a week.
Much, much longer!
I wonder, when do you think we eventually see $100 RUNE??
Posted Using LeoFinance Beta