BITFINEX: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.
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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.
Congrats sir target reached , good job . Is it the time to enter now . Market all tense . I am afraid Wax acting like Luna (:
TechNerdOmar
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@saadi_75, Just enter Bitcoin. It's the safest thing. Notice that WAX didn't go up slightly like I predicted. So it did not give an opportunity for an exit. If you still wish to buy WAX, then we need to see an established level of support. Right now, I don't see that. We need double or triple bottoms, RSI divergence. Something like that.
Saadi75
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@TechNerdOmar, Thanks so much for your help and support . I am Apologize for my late reply . Greetings .
Saadi75
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Thanks a lot for the new update . I will follow your advices at exit points . Wish to see more WAX updates in the future . God bless you .
Saadi75
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Congrats bro , Target reached , Excellent . What should be next ? Could you please update chart? Thanks in advance ,
TechNerdOmar
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Price has broken the triangle downwards and is retesting the bottom of the triangle. Next should be reaching the target of the triangle at 540 Satoshi.
Is it the time to enter now . Market all tense . I am afraid Wax acting like Luna (: