Like many other coins, WAVES suffered hard in the recent market wide dump and fell below the support line.
Right now, its recovering and climbing back up above that support line. I'm expecting it to pick up again the upmove where it was last week. First good sign is consolidation above the horizontal trendline, next is breakout of this pennant. Lots of developments going for WAVES, I'm confident we'll see a bullish move very soon.
Long term target didn't change that much: towards 0.003 Trading advise: safe traders wait for break out of the pennant ( I will update). Traders whom are willing to take a bit more risk, can by once it consolidates aboven the horizontal support. SL below previous lows
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Suffering more in todays dumps. As written above: wait for a consolidation above the support or the break out. Call me stubborn, but Im still bullish for the mid term
I wont be surprised if it goes parabolic from there, I hope I can get in before it does. Thanks for finding the opportunity.
tarunjain909
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good timing .. will keep some bucks for this till you confirm the breakout bro
glffa
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Thank you for the analysis!
tofagahumi
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Do you use any moving averages in your analysis sir?
tvpolo
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Hi thanks for this chart, I normally agree with the way you draw your charts but in this case I have a question. You call this a pennant where I see a descending triangle which most of the times falls through the bottom. (where as the opposite, the ascending triangle usually breaks the top-resistance) I think this is a bearish/ short pattern, why do you consider it a chance for a long position?
Crypto_Ed
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@tvpolo, Descending traingle is a bilateral pattern (trend continuation pattern), can break out to both sides. In my view, it was in an uptrend so there might be a chance for a break to the upside. Besides that, lots of developments coming for Waves, which makes a breakout to the upside more likely.
tvpolo
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@Crypto_Ed, Ok thanks for the reply. I agree that developments can make it break to the upside, but I don't see the 'uptrend' you mentioned, or this must be the last two yellow candles. I have a bundle of waves so I hope you are right anyway..
@Crypto_Ed, It can brake to both sides, but usually it is down. I'm not sure where you see up trend here. In my opinion there is a strong down trend at this moment. If it is a continuation pattern it will go down.As we see now it already broke down, tried to come back to triangle but was rejected. Support became a resistance.
Crypto_Ed
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@Aitvarinis, i mean the uptrend from earlier this year and this might be the correction to that. But, sure i might be wrong. Therefore i wrote to wait for consolidation or the breakout before entering the trade. Maybe I'm to optimistic as WAVES hit my long term target which was 80 from 2 months ago and expecting news from devs. Tine will tel.
Trade what you see, not what you think.