Wanchain. Looking to close above or below of the monthly EQ
My opinion on Wanchain. At this moment the price action is located right at the EQ point of the monthly range at ~2895.
Let's see how the price reacts at this level during the past. If the price closes above this point with conviction we can reach the level of 3270, which would be a 13% increase. Once here, if the price closes above this level we can expect an increase until we test the upper level of the monthly range, located at 3527, 22% above the equilibrium point (EQ), if we follow this path we can expect some accumulation at these levels, if it closes below 3270 I think the price will continue to fall, otherwise we can expect an attempt to get out of the monthly range and explore higher prices.
In the bearish case, if we close today's daily candlestick below the EQ point I expect a downward trend until 2569, which would coincide with the EQ point of the previous daily range, if the price close below EQ we would go to the 2260 level, which is the monthly range low (RL), being able to go down an additional 16% in the case of a deviation, although I see this extreme as unlikely.
As always, it will be important to keep an eye on Bitcoin and Ethereum, since they are the ones that establish the overall bias in the Crypto market.
Let's see how the price reacts at this level during the past. If the price closes above this point with conviction we can reach the level of 3270, which would be a 13% increase. Once here, if the price closes above this level we can expect an increase until we test the upper level of the monthly range, located at 3527, 22% above the equilibrium point (EQ), if we follow this path we can expect some accumulation at these levels, if it closes below 3270 I think the price will continue to fall, otherwise we can expect an attempt to get out of the monthly range and explore higher prices.
In the bearish case, if we close today's daily candlestick below the EQ point I expect a downward trend until 2569, which would coincide with the EQ point of the previous daily range, if the price close below EQ we would go to the 2260 level, which is the monthly range low (RL), being able to go down an additional 16% in the case of a deviation, although I see this extreme as unlikely.
As always, it will be important to keep an eye on Bitcoin and Ethereum, since they are the ones that establish the overall bias in the Crypto market.