Hello Traders!
Hope you’re all enjoying your weekend!
Today’s chart update will be on WABIBTC (TAEL), an equilibrium is playing out reaching its apex zone, we need to see an influx of volume to confirm a break in this tightening formation…
Points to consider
- Bullish trend on 4 hr timeframe
- Local support at 1419 satt region
- Local resistance at .50 Fibonacci
- Stochastics currently projecting downwards
- RSI is in an equilibrium
- EMA’s holding price support
- Volume below average
- VPVR decreasing in transactions both ways from local support
WABI/BTC (TAEL), is currently trading in an equilibrium that is soon to break, we have a sustained trend line that is being respected with multiple touches, it needs to hold to keep current market structure that is putting in higher lows…
Local support is currently at the 1419 area, price has wicked down multiple times, this shows us that buyers are strong in this zone. Local resistance is at the .50 Fibonacci level, that needs to break for market structure to be intact.
The stochastics is currently projecting downwards; a return to the trend line is probable whilst the RSI is in its own equilibrium. This is in confluence with price action, narrowing into its apex; it will eventually break in either direction.
EMA’s are currently holding price as support but does look weak, as price trades in the equilibrium, the EMA’s become more less significant as price simply trades through it…
Volume is below average and rapidly declining, a break will be confirmed with an influx of volume, whether it be bullish and or bearish. The VPVR is clearly declining in the level of transactions from the local support region. Bears and Bulls will be able to accumulate potential momentum due to low levels of resistance posed by the VPVR…
Overall, IMO, this equilibrium is bound to break as it approaches its apex; a break will be confirmed with volume as it does look very pitiful at current given time. A bull break will hold market structure, whilst a bear break will negate higher lows, WABI/TAEL will then be more probable to test lower local support.
What are your thoughts?
Please leave a like and comment,
And remember,
“Never let a win go to your head, or a loss to your heart.” – Chuck D.
Hope you’re all enjoying your weekend!
Today’s chart update will be on WABIBTC (TAEL), an equilibrium is playing out reaching its apex zone, we need to see an influx of volume to confirm a break in this tightening formation…
Points to consider
- Bullish trend on 4 hr timeframe
- Local support at 1419 satt region
- Local resistance at .50 Fibonacci
- Stochastics currently projecting downwards
- RSI is in an equilibrium
- EMA’s holding price support
- Volume below average
- VPVR decreasing in transactions both ways from local support
WABI/BTC (TAEL), is currently trading in an equilibrium that is soon to break, we have a sustained trend line that is being respected with multiple touches, it needs to hold to keep current market structure that is putting in higher lows…
Local support is currently at the 1419 area, price has wicked down multiple times, this shows us that buyers are strong in this zone. Local resistance is at the .50 Fibonacci level, that needs to break for market structure to be intact.
The stochastics is currently projecting downwards; a return to the trend line is probable whilst the RSI is in its own equilibrium. This is in confluence with price action, narrowing into its apex; it will eventually break in either direction.
EMA’s are currently holding price as support but does look weak, as price trades in the equilibrium, the EMA’s become more less significant as price simply trades through it…
Volume is below average and rapidly declining, a break will be confirmed with an influx of volume, whether it be bullish and or bearish. The VPVR is clearly declining in the level of transactions from the local support region. Bears and Bulls will be able to accumulate potential momentum due to low levels of resistance posed by the VPVR…
Overall, IMO, this equilibrium is bound to break as it approaches its apex; a break will be confirmed with volume as it does look very pitiful at current given time. A bull break will hold market structure, whilst a bear break will negate higher lows, WABI/TAEL will then be more probable to test lower local support.
What are your thoughts?
Please leave a like and comment,
And remember,
“Never let a win go to your head, or a loss to your heart.” – Chuck D.
