Price has broken out of the descending channel and printed a clear CHoCH, suggesting the bearish structure is beginning to weaken. Since then, WAL has been building a base and is now pushing back into a major resistance zone that also lines up with the high-volume area on the volume profile.
The Synergy Signal is improving alongside the move, with momentum recovering and buyers showing more strength. The main confluence I’m watching is whether WAL can reclaim this resistance area and establish acceptance above it. That would strengthen the case that this is more than just a relief bounce.
The larger moving average is still overhead, so confirmation is important. If WAL can reclaim that dynamic resistance, the previous breakdown area higher up becomes much more relevant.
Overall, the structure is improving, momentum is rebuilding, and WAL is approaching an important decision point. The CHoCH gives us the first sign of a potential trend reversal, but the next breakout is what would really confirm it.
The Synergy Signal is improving alongside the move, with momentum recovering and buyers showing more strength. The main confluence I’m watching is whether WAL can reclaim this resistance area and establish acceptance above it. That would strengthen the case that this is more than just a relief bounce.
The larger moving average is still overhead, so confirmation is important. If WAL can reclaim that dynamic resistance, the previous breakdown area higher up becomes much more relevant.
Overall, the structure is improving, momentum is rebuilding, and WAL is approaching an important decision point. The CHoCH gives us the first sign of a potential trend reversal, but the next breakout is what would really confirm it.
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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.
Check me out btdcrypto.com/links/
Related publications
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.