We continue with a pair that really caught my attention the first time I looked at it, the high potential was unmistakeable but instead of WAXPUSDT it was the WAXPBTC pair, this will be added to the 'Related Ideas' at the bottom.
For WAX, it is early and here early means good.
How can we say early after 5 consecutive weeks of strong bullish action?
Just this week WAXPUSDT moved above EMA21 while EMA50 is still "far away", 100% or a double is needed to reach this target.
Now, when considering the previous trade ideas, such as GALAUSDT I mention the potential still available when compared to other altcoins such as FTM and LTC.
WAX is in the same situation, since the whole market is turning bullish, since everything is growing and set to grow, the ones that are more advanced reveal what the rest of the market is set to experience.
Since we have many pairs well above EMA50, those below it are still "early" in this bullish wave development... It won't be "early" forever.
We already consumed 1 out of 3 precious months.
Oh wait! Another piece of good news. There can be a retrace after 1-2 months big in size just to see more growth all the way to late April but let's not get ahead of ourselves.
As WAXPUSDT moves above EMA21 it also recovers above the June 2022 support turned resistance now going back to support.
This is a process that took more than 6 months, a pretty long-time in crypto-mindset.
The trading volume on the mid 16-January week, is the highest since December 2021. Thus we can say the highest weekly volume in a year.
One of the easiest giveaway signals to spot.
When you have the strongest volume in years, it means things are about to change.
After following the Tesla crash for a long time, I spotted the reversal thanks to a volume signal. TSLA produced the highest volume in 2 years and yes, like clockwork a reversal happened and since that signal came up the stock has grown over 80%.
We have the falling wedge pattern, the strong RSI, the green candles and overall good news.
WAXPUSDT is another pair that is set to do good.
Name your altcoin #4.
Remember to boost and follow if you enjoy the content and would like to show your support.
I don't get it why are you making analysis on 1W chart. This currency is less then 2 years old. There are not enough candles to make any analysis what's so ever. Even Bitcoin is not that old to make an analysis in 1W. I did and took me to a dead end and wrong conclusion and I learn of that mistake. To get accuracy of the 1W chart there should be at least 20 years of data. You can see some direction of the market in 1W but this could lead to unexpected reverse and all of your plans will go into the trash. In my experience I found that your main time frame should depend of the market age. In this currency the best main time frame is between 2 and 12 hours, but that's my opinion of course you can look at any time frame. :)
I've read Bitcoin thousands of times on the weekly timeframe and it provides a wealth of information. It would be impossible to chart accurately without this timeframe.
Just one example, the weekly RSI. Another example, moving above EMA50 weekly. More examples, Bitcoin moves below MA200 weekly, then back above it.
More examples of weekly without the need for 20 years... Highest or lowest volume in a single week. Chart patterns, trendlines, renko, etc.
If you read the analysis above, you can see that you can actually extract tons of information from this weekly chart.
xlameee
⋅
@AlanSantana, Sorry All of that information you get from that is useless to me. I wasted many years of trading looking at all of that. Yes you will get something out of it, but not efficiently. Let say on this market in this post you will get 1 trade with 3-4 targets and you will catch that run waiting few months right. If you have the right time frame and few tools as a helpers you can have hundreds of trades and thousands even tens of thousands of % ROI with 20X+ and all you need to know is market direction and few tools that you can make with pine script if you know what to look for. As I said I wasted many years looking what you looking now and I am telling you this type of data have a lack of efficiency. :)