Hello Traders!
Today’s chart will be on WABIBTC after its initial rise!
Points to consider,
- Resistance broken, turned potential support
- Fibonacci extension; 1.618 Met
- Fibonacci extension is in confluence with resistance
- RSI is currently overbought
- Stochastic momentum is topping out
- Potential volume climax
- EMA’s has not met price at given time
- VPVR showing low volume of transactions after next resistance
- Potential cup and handle patter (Not a pretty one), with 40% potential target
WABI has had a bullish break from resistance which now currently turned potential support, (yet to be tested). Big bull volume came in to fruition whilst it tested the 1.618 Fib extensions before sellers came in to control price.
The 1.618 zone is in confluence with structural resistance, making this area tough for bulls to break; WABI could potentially see a correction from this area back to support – which will be healthy!
The RSI is currently over extended whilst the Stoch is showing a sign of topping out, this is signalling that sellers are strong at current area, we need to see these indicators cool off to neutral territory…
Volume has overall increased dramatically after the bull break, EMA’s are yet to test price so we do not know if they’ll hold support or not in current given time.
Bulls have an overall upper edge if the next resistance is broken as the VPVR shows very low levels of transactions. Bulls should easily be able to push price to upper green zone…
This formation resembles somewhat to a cup and handle (not the best looking one), that broke bullish, price will be healthy if it retraces and retests support. This will allow the RSI and Stochs to return to neutral zones before bulls take charge and push price even higher with greater momentum…
What are your thoughts? Will WABI retrace back to support before breaking resistance with momentum?
Please leave a like and comment
And remember
It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett
Today’s chart will be on WABIBTC after its initial rise!
Points to consider,
- Resistance broken, turned potential support
- Fibonacci extension; 1.618 Met
- Fibonacci extension is in confluence with resistance
- RSI is currently overbought
- Stochastic momentum is topping out
- Potential volume climax
- EMA’s has not met price at given time
- VPVR showing low volume of transactions after next resistance
- Potential cup and handle patter (Not a pretty one), with 40% potential target
WABI has had a bullish break from resistance which now currently turned potential support, (yet to be tested). Big bull volume came in to fruition whilst it tested the 1.618 Fib extensions before sellers came in to control price.
The 1.618 zone is in confluence with structural resistance, making this area tough for bulls to break; WABI could potentially see a correction from this area back to support – which will be healthy!
The RSI is currently over extended whilst the Stoch is showing a sign of topping out, this is signalling that sellers are strong at current area, we need to see these indicators cool off to neutral territory…
Volume has overall increased dramatically after the bull break, EMA’s are yet to test price so we do not know if they’ll hold support or not in current given time.
Bulls have an overall upper edge if the next resistance is broken as the VPVR shows very low levels of transactions. Bulls should easily be able to push price to upper green zone…
This formation resembles somewhat to a cup and handle (not the best looking one), that broke bullish, price will be healthy if it retraces and retests support. This will allow the RSI and Stochs to return to neutral zones before bulls take charge and push price even higher with greater momentum…
What are your thoughts? Will WABI retrace back to support before breaking resistance with momentum?
Please leave a like and comment
And remember
It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett
