RUNE/USDT | New Buy Orders Against China FUD!

Yesterday morning I did what I usually do every single day before I go to bed. I loaded up the Binance app and checked the market for buying opportunities.

It was 5 AM at the time and the market was blood red.

Every single one of my favourite coins was down. The Asian market was dumping heavily and I couldn't tell why.

FUD was spreading. Something about the China Evergrande Group!

It would appear that news about China Evergrande Group defaulting on its debts has sent massive shocks throughout the global financial market and not only in crypto.

Fear naturally leads to risk aversion, which is now causing traders to cash in on their high-risk portfolios.

Where there is fear, I see opportunity!

The dumping has opened up a chance to pick out an entry point for an upward retracement on the $RUNE spot market.

Setting Up the Trade


In a previous post I had identified my support zone in anticipation of LP's dumping their Rune once BSC assets were reactivated a few days ago. That never happened. Their faith in the RUNE project was tested and they did not falter which further reinforces my belief in the bullishness of $RUNE.

I identified $8.2 to $6.60 as my support zone.

Also make note of the fact that I am doing my analysis on the Daily timeframe. Identifying support and resistance zones in higher timeframes is usually more reliable.

Entry anywhere between these prices is fine. My buy trade was filled at $7.50 and my take profit is currently set at $8.70.

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Now, my trades usually close in less than a week, but the circumstances leading to this drop in prices could potentially see the market remain in this downward trend until some positive news comes out.

I will be looking out for a potential breakout below the support zone which could see $RUNE fall even further at which point I will then add another buy order.

The question is, how hungry are the retail and institutional traders for these cheap prices? A strong green daily candle could go a long way in diminishing the current FUD.

Let's wait and see!

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