RUNE Price Consolidating at an Unexpected Point

The price of RUNE found footing a little higher than the most clear pivot point. Now granted, there is some price action in the area where price has plateaued so let's take a look at the chart.

Bottomed out or a breather..???

So looking at the RUNE daily chart I added a trendline, it is the one on blue. There reason I added it is because price has put in a bottom here, which was slightly higher than my target.

The big pivot point at around $4.50 was the most obvious target (highlighted area). I was literally waiting for it to bounce there at which point a support line would have been drawn.

Instead price found footing at the $5.15 area, which indeed has price action, you can see it as a resistance point and then a support back in February and March.

That is the beauty of charting, it is probabilities and as long as we can grab the majority of a move then we are in good shape.

Where to look now?

For the upside the $7 resistance is the next target. Price needs to get above there for price action to be considered positive.

As for the downside, well we have the $4.50 level I mentioned if it doesn't hold here and then there is the next level in the 3s.

So all we can do is wait for our signals.

Posted Using LeoFinance ^Beta