After bouncing off support about a week ago the price of rune hit its head on the descending trendline and is not far from support again.
Breakout or Breakdown?
When we look at the chart above, the question really is: Breakout or Breakdown?
The apex of the triangle is coming near, the downward trendline is pretty sound with 3 consecutive lower lows pretty evident so either price busts out or that support line may finally be violated.
It really doesn't look all that bullish, which sucks because I have a moonbag on RUNE as I love the project long-term.
But this post is about the near-term and in that time frame the bears look to be in control at the moment.
As I always say, we shall see.
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id dump it, its just another one of those projects that will be forgotten about. It wont amount to anything.
I'm bearish in the short and middle terms. BTC is under 50 and 200 EMA in the daily. If the inflation turns out to be transitory and the fed finds itself under zero pressure to taper its QE program, institutionals will continue to drive up crypto. The price action of BTC and alts are controlled by the macro environment. BTC is not digital gold - and not even gold seems to be gold despite inflation spiking. BTC moves with Nasdaq.
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