reza_tayebi

Wanchain Looking Healthy

Long
BINANCE:WANBTC   Wanchain / Bitcoin
Today Wan broke out of 6650 Satoshi support level . This is good news for bulls.
If we consider Wan`s movement from 3950 to 8550, first impulse wave up, from 8550 to 6650 ABC correction, then we can expect two more waves up.
However there`s a chance of ABC correction not being done. I have shown that possibility with yellow arrows.

Resistance levels are :
7465
8550
Going above each resistance level and stabilising there, will turn it to support.

Support levels are :
6650
5730
Going below each support level and stabilising there, will turn it to resistance.

Fib extension levels are :
1120
1390
If Wan breaks 8550 resistance, there`s a high chance we reach fib extension levels.

I will try to update the chart as frequently as possible.
Comment:
Price almost reached resistance level and got rejected twice. We might get a correction. In last day a new support level (not very strong) has been built between 7120 and 6980. Let`s see if price drops to these levels, whether they can hold.
Comment:
First major resistance broken on good volume. Building a healthy structure above it, will turn what used to be a resistance to a support line.
Comment:
Wan has lost 7500 satoshi area, so it may turn into a resistance. If Wan doesn't break 7500 area, then a potential "head and shoulder" pattern might be in making which is a bearish sign.
Wan holders watch the price movement carefully.
If you don't have Wan, wait until a good breakout of 7500 with high volume to get involved.
Comment: Head and shoulder pattern completed, price dropped
to first support line. To those interested in buying Wan,
wait to see if 7500 resistance level can be broken with
good volume.
Comment: Bouncing between 7500 resistance and 6984 support.

Wan holders : No reason to sell while support line is kept

If interested in buying Wan : If 7500 resistance gets
broken upward with good volume, will be a good buy
Comment: Slowly moving toward "fib extension 1" region. As soon as Bitcoin correction finishes, I think Wan will Strat moving.
Comment: Building new support region for next leg up.
Volume declining which is a good sign for bulls.
Comment: If you like buying Wanchain, you can get in now with 3 precent stop loss.
Comment: This wick indicates correction might be over.
You can buy Wan with a tight 3 precent stop loss.
Make sure to put a stop loss slightly below the candles wick.
Comment: For nor Wan`s support level is holding. As I mentioned
yesterday this might be a good entry with a tight stop loss.
In case this support level breaks down, next major support
is around 8544 Satoshi.
Comment: Wan`s support is still holding. Of course it might break, but
I think it is a good buy opportunity with only 1 precent stop loss.
In case support is lost since you're using stop loss you only
loose 1 percent, but if support holds and it begin going up
you will achieve high reward.
Comment: 8544 support got lost. If price stays below this line for some time
it might become a resistance in future.
Next support is 8125 satoshi level.

Comments

Great as always
Unparalleled in analysis
Reply
reza_tayebi haftdaria
@haftdaria, Thanks. I hope you gain good profits. Make sure to have a stop loss in place.
Reply
very solid and i like ur updates good TA ! good fundamentals will be good ride
Reply
@y0gi, Thank you for your kind words.
Reply
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