Ascending Apex: RUNE's Breakout Poised to Chart New Heights

• Trendline Breakout: The central focus is on the cyan trendline that has been capping the price. A close above this trendline would signify a breakout, indicating bullish momentum. We will be watching for a decisive candlestick close above such a resistance trendline as confirmation of strength before initiating a long position.
  
  
• Retest Strategy: A conservative and strategic approach involves waiting for a retest of the breakout level, which was previously resistance and may now turn into support. Entry at a retest offers a favorable risk-to-reward ratio because it allows for a tighter stop-loss just below the retested trendline.
  
  
• 200 EMA and the 50 EMA: The price is currently above both EMAs, suggesting a short-term bullish bias. The EMAs also appear to be providing dynamic support for the price action.
  
  
• Overall Uptrend: The broader perspective shows RUNE in a general uptrend, which is the direction of the path of least resistance. A trend-following trade in an uptrend typically carries a higher probability of success of this trade.
  
  
• Market Sentiment: Staying attuned to overall market sentiment and news specific to RUNE will provide additional context for the trade, as fundamental factors can swiftly impact technical setups.
  
  

In summary for now we are not doing anything and we will be watching closely where today's Candle will close. The close above the cyan trendline followed by a retest offers a prudent long entry point with a confluence of bullish indicators. Patience in waiting for these conditions to be met could provide a more confident entry with a well-defined risk profile. The current position of price relative to the EMAs and the general uptrend add further weight to the bullish scenario. However, it remains critical to monitor the trade and adjust to any new market information or technical developments.

Peace out.

Comment:

We are at 6.6$ now and trading above the Trend line as expected. Are we going to close above it? much likely. Are we seeing a retest? maybe not. If there is no retest soon maybe the traqde will be canceled. Let's see.

Order cancelled:

The trade is canceled. RUNE did not retest properly and it mooned without giving us a chance to enter. NEXT