RUNE/USDT
I am buying a small spot position here.
Reasoning: Since hitting $17 price has declined all the back to historical support, which is also a monthly level.
Price is within a forwards channel which has been respected on multiple occasions. Notice how the middle of the line has also been valid support and resistance, which gives further weight to the validity of the channel.
As we are near support, I am not looking to short, but a wick down below support to liquidate some stop losses is likely.
We also have fundamental news on the horizon that will add to buying pressure.
For targets, it will be a test of the upper channel, and further up, we have a naked point of control at $10.62
Invalidation is if prove breaks below the channel, and we begin getting daily closes below support $6.23
