TradingShot

WAVESUSD entered the multi-year Buy Zone but can go even lower.

BINANCE:WAVESUSD   Waves / US Dollar (calculated by TradingView)
Waves ( WAVESUSD ) has been trading within a long-term Fibonacci Channel. All major Fib retracement levels have played a key role to its trend, forming clear Support and Resistance levels.

This analysis is on the 1W time-frame, where last week, the price entered the Channel's long-term Buy Zone (green area), which has been holding since July 2016. Waves immediately rebounded this week, which is technically justified as this has happened another three times (June 25 2018, November 26 2018 and October 05 2020 1W candles).

However, the late July/ early August 2019 Buy Zone test failed and the price slowly but steadily declined another -60% to reach the Higher Lows (bottom) trend-line of the Fibonacci Channel. As a result, if we don't close back to last week's level, this rebound can be sustainable on the medium-term but only a 1W candle close above the 1W MA100 (green trend-line) seems able to technically reverse the trend to long-term bullish again.

P.S. Notice the near perfect symmetry between Cycles as portrayed by the 1W RSI .


--------------------------------------------------------------------------------------------------------

Please like, subscribe and share your ideas and charts with the community!

--------------------------------------------------------------------------------------------------------

✅ Best Exchange 2022

Trade our ideas on OKX & get🔥20% off your Trading Fees when you use our link

REGISTER NOW👉 https://www.okx.com/join/tradingshot1 👈

👑Also join Tradingshot's Account Management program!
Contact info@tradingshot.com for more
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.