RUNE / TetherUSUpdated RUNEUSDT needs to create a new breakout to continue
Currently, the price of RUNEUSDT is testing a previous support level which has now become a resistance level. This means that the price had previously been supported at this level, but after falling below it, the level now acts as a barrier to further upward movement.
As traders, we are waiting for a breakout to occur, which means that the price will move above the resistance level and continue to rise. To prepare for this potential breakout, we can apply Plancton's Rules, which are a set of guidelines for entering long positions in an upward trend.
According to Plancton's Rules, we would wait for the price to break above the resistance level and close above it for at least one or two candles. Then, we would look for a pullback to the resistance level, which should now act as support. If the price bounces off this support level, we can enter a long position with a stop loss below the support level.
We would also look for additional confirmation that the upward trend is continuing, such as increasing volume .By following Plancton's Rules, we can enter a long position with a good risk-to-reward ratio, as we are entering the trade at a support level with the potential for further upside movement.
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Follow the Shrimp 🦐
Keep in mind.
As traders, we are waiting for a breakout to occur, which means that the price will move above the resistance level and continue to rise. To prepare for this potential breakout, we can apply Plancton's Rules, which are a set of guidelines for entering long positions in an upward trend.
According to Plancton's Rules, we would wait for the price to break above the resistance level and close above it for at least one or two candles. Then, we would look for a pullback to the resistance level, which should now act as support. If the price bounces off this support level, we can enter a long position with a stop loss below the support level.
We would also look for additional confirmation that the upward trend is continuing, such as increasing volume .By following Plancton's Rules, we can enter a long position with a good risk-to-reward ratio, as we are entering the trade at a support level with the potential for further upside movement.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Note
The price needs to create the breakout!Note
As I told you, The flip Was mandatory for the continuationNote
Waiting for the breakout!
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