What Is a Descending Channel?
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend. Officially, the space between the trendlines is the descending channel, which falls under the broad category of trend channels.
A more potent signal occurs with a breakout, which is when a security's price breaches an established channel's boundaries, either on the upper or lower side. When this happens, a security's price can move quickly and sharply in the direction of that breakout. If this move is in the direction of the prior trend, the descending channel would have been a continuation pattern. If the move is counter to the prior trend, the descending channel would have been a prelude to a reversal.
going long here on the potential retest guys.
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend. Officially, the space between the trendlines is the descending channel, which falls under the broad category of trend channels.
A more potent signal occurs with a breakout, which is when a security's price breaches an established channel's boundaries, either on the upper or lower side. When this happens, a security's price can move quickly and sharply in the direction of that breakout. If this move is in the direction of the prior trend, the descending channel would have been a continuation pattern. If the move is counter to the prior trend, the descending channel would have been a prelude to a reversal.
going long here on the potential retest guys.
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break out to the top on the smaller time frames, could mean a further continuation or a spot to start buying again. added more to spot.
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last chance to load up for bully cup n handle.
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how to play it/potential reentry for thos that missed the boat
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Trade closed manually
closed half my stack @ 5.80ish. other half ima let run...gl boisNote
alight guys rune NEEDS to correct a bit. look to re renter at under 3$. everything has benn perfect so far so gl bois...
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important to look at btc and eth charts as well
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daily
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weeklyNote
eth to rune ratio needs to break bottom resistance. not to confident so im short here. moon closer to halving.
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bearish rising wedge
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mehhh still crabing to the side pretty hard. more neutral than bearish however my sentiment is still bears as thor swap and thorchain are having issues rn with swaps..
was trying to sell some rune as i have half my og stack still....
Trade closed manually
jus an update whole postion closed at 7$.. decent profits thanks guys. feellin a bit bearish on this in the short term possibly buy back in around 3$ anything sub 2$ for sure...Note
retry @ 4$ would have been the move as i said after closed postion gl guys. ive decided while rune is great thor is better due to yield.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.