Wanchain (WANBTC) is getting closer to breakout... let's take a look.
WANBTC has been going down since hitting an all-time high back in May 2018. As it drops, it has been creating lower lows.
Recently the chart is going flat, and we can see higher lows being breaking, with the same happening on the RSI and MACD as well... WANBTC is preparing to break out.
Trading volume has been increasing, and today there was a break above EMA10. The last four times that EMA10 was challenged, all produced above average breakout, all sell orders being bought.
These signals are telling that Wanchain (WANBTC) on Binance is pointing to a breakout soon.
I'll be keeping an eye on this chart... Thanks a lot for reading.
I'm eyeing this one Alan. What's your current view?
Here's my what I'm seeing...
Bullish case:
- Potential bull flag (or possible cup and handle), target of 883
- Closing in on a potential bullish cross of 12 and 26 MAs
- Significant bullish RSI divergence going back to December
Neutral case:
- Passive breakout of falling wedge
- Coming back to test the top of the bearish trendline?
Bearish case:
- Rejection at 50 MA and resistance at ~829
- RSI keeps getting capped at ~53
Guess I'm more bullish than bearish, and the fact that price is squeezed between MAs, along with that volume void just above suggests that a bullish break could very quickly get to 883. Pondering a risky but rewarding entry with a tight stop at 783 for a fairly quick flip or 750 for a longer term swing.
AlanSantana
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@mattgarbutt, Great analysis, thanks a lot for sharing.
meveme
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@alanmasters, hi alan
Finally wan :)))
Pls give us some re entry levels and target if possible