WAVES/USDT Wyckoff Chart playing out ?
My humble analysis of one of the hottest coins in the market which has been making a killer 173% move in the past week. <<<<<<Please like my post if you enjoyed this analysis and please to show your support by following me on trading view :)
This is what I can see playing out.
Waves /USDT Wyckoff chart pattern seems to be playing out the Wyckoff pattern , but its to early to call at this stage.
What we notice is a SC - selling climax in which selling pressure reached its climax at $4.10, followed by the AR- automatic rally which occurred after this point with a massive reversal in the price from $4.10 to $11.30 in a matter of days. That is a whooping 173% pump!!!
The next phase of this pattern if it plays out, will be the ST - Secondary phase which will see a 43% retracement back down to $5.75- $5.35. Then a final distribution phase will play out in which the price will head back down to the SC at 4.20 - 4.10 before proceeding to the LPS - (last point of support) and SOS - signs of strength), and if this plays out, WAVES price could rally back up to $48- $63
<<<<This is not financial advice, please do your own research before making any decisions. >>>>>>>>>>>
This is what I can see playing out.
Waves /USDT Wyckoff chart pattern seems to be playing out the Wyckoff pattern , but its to early to call at this stage.
What we notice is a SC - selling climax in which selling pressure reached its climax at $4.10, followed by the AR- automatic rally which occurred after this point with a massive reversal in the price from $4.10 to $11.30 in a matter of days. That is a whooping 173% pump!!!
The next phase of this pattern if it plays out, will be the ST - Secondary phase which will see a 43% retracement back down to $5.75- $5.35. Then a final distribution phase will play out in which the price will head back down to the SC at 4.20 - 4.10 before proceeding to the LPS - (last point of support) and SOS - signs of strength), and if this plays out, WAVES price could rally back up to $48- $63
<<<<This is not financial advice, please do your own research before making any decisions. >>>>>>>>>>>
Comment:
We are currently at the completion of the AR - Automatic phase on the 4hr Chart. If we deep dive into the 10 min chart, an ABC pattern has formed and we have a smaller Wyckoff pattern that has played out in the AR phase. When looking at the 10min chart pattern we notice that we are in the final stage of the Wyckoff (LSPY) as shown in the snap shot below. I have used a fib from to top of the UT to the bottom of the move($4.20) and I have set up my TP at the 27% Fib which is at $5.50 with a small stop loss. Please remember this not finical advice please do your own research before going in.
Comment:
Update to my last post. Waves is currently in phase D of the Wyckoff (Schematic # 2) currently heading final LPSY Phase before proceeding into Phase E the final move down. I have updated my TPs as posted in snapshot below. please like my post and follow me on Trading view if you enjoyed my post and would like more of this posts :)
Comment:
Update: Looking the Waves USDT Binance spot chart we notice another pattern playing out creating confluence on the chart indicating we are getting close to a dump. This pattern is a reverse Cup and Handle pattern in which the price has broken out of that at 8.50, with the neckline at $7.93. A final break of the neck line will see the depth of this move play out to the first demand zone between $6.10 - $5.30. Please like my post and follow me on Trading view to show your support. Thank you and hope you have liked this idea so far :)
Comment:
It has been a while since I have provided an update on WAVES. I have been a little reluctant to provide any updates due to BTC's sideways movement. I have been waiting and observing for a while now to give me a clue as to where the market might head next.
As you can see in the snapshot on the 4hour chart, a SOW (Sign of weakness) has developed liquidating everyone who had put their stops at the $5.52 esh area giving us a hint of where WAVES could be heading next. First you might see the price going to the supply zone (between $5.86 - $6) to re fuel, then make the move down to the demand zone price ($5 - $4.9)
The Market Players will always try to manipulate all sorts of patterns in order to take out weaker player in the market and to free up liquidity to give themselves enough liquidity to move the market in their desired path.
As you can see in the snapshot on the 4hour chart, a SOW (Sign of weakness) has developed liquidating everyone who had put their stops at the $5.52 esh area giving us a hint of where WAVES could be heading next. First you might see the price going to the supply zone (between $5.86 - $6) to re fuel, then make the move down to the demand zone price ($5 - $4.9)
The Market Players will always try to manipulate all sorts of patterns in order to take out weaker player in the market and to free up liquidity to give themselves enough liquidity to move the market in their desired path.