WAX in a Descending Triangle on the Daily
TechNerdOmar Premium Updated
BITFINEX:WAXBTC WAX / Bitcoin
WAXBTC is in a descending triangle as seen in the chart. Breaking the triangle downward will take us back to the year-long support at 540 Satoshis, a 42% drop.
WAX has indeed reached the predicted target of 540 Satoshi. I don't see any signs of reversal or recovery. Price has broken below the rising trend line. I expect a small bullish reversal towards the trendline before more downside towards the support area between 350 and 430 Satoshi which is also based on the 0.236 Fib level. WAX looks weak. I don't advise increasing your position at this moment. If you already hold a position in WAX, I believe the next bullish move is an opportunity to cut losses and exit at 675 Satoshi.
Trade closed: target reached:
Bearish target of 540 Satoshi reached.