WEMIXUSD Bull Cycle still not confirmed.

WEMIXUSD had the biggest 1W bullish candle last week in 2023 turning the 1W technical outlook bullish (RSI = 59.545, MACD = -0.041, ADX = 41.950) and the 1D RSI extremely overbought. A lot of traders will understandably rush to buy on this level especially since the price crossed over the 1W MA50, but that is not confirmed bullish region yet.

You can see that the 1W MA50 was crossed (and closed candle) on February 20th 2023 but still the price failed to sustain an uptrend and declined to the 0.5 Fibonacci level. Today the 1W RSI hit the 61.50 Resistance formed by the February top. Consequently we do not consider this breakout a reliable buy signal and instead we need to see the price crossing above the 1W MA100. If it does, we will turn into long term buyers on WEMIX, and will enter on the first 0.5 Fibonacci pullback from whatever the top price is.

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