Wings DAO BTC breaking out short term descending triangle
Wings DAO / Bitcoin 1 day candles (left chart) and 2 hour candles (right chart)
Wings has been trending within a descending channel ever since it's June 2018 high at 38k satoshi. At the time of my February 23 analysis on Wings (which unfortunately was removed by TradingView because it had links to my social media...), it was moving within the purple lined falling wedge.
By now it has managed to break above the purple lined falling wedge, but has not yet managed to successfully break out the orange channel. Right now we can see a descending triangle (white lines), which usually is a Bearish signal. Depending on the line placement, it however looks like it is breaking out above the triangle, pushed up by the blue December trend extrapolation. The MACD and RSI indicators are slightly positive at the moment.
If it can move beyond the dotted white descending triangle line as well, it looks like Wings DAO will soon test the solid orange channel line again at 8500 ~ 8700 sats and target 10k afterwards, which also happens to be the orange dashed (candle wick based) trend line. If it breaks above 10k with enough momentum and volume it is likely the next big targets will be 26.k, 32.5k, and all time high at 38k.
Don't count your chickens before they hatch though. Reaching these targets will need momentum and trade(r) volume. I feel that Wings is somewhat under the radar at this time, lacking hot news and social media buzz.
Should it fail to stay above the blue trend line and not bounce back from the 5600 ~ 6000 support zone it has a good chance of declining all the way down to 3000.
Nearby resistance at: 7500, 8000, 8600, 10k, 11.4k
Nearby support at: 7100, 6300, 6000, 5600
You can use this chart analysis to assist you in trading, to help you identify trading patterns, trend lines , support and resistance zones you can monitor for breaks.
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. You should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, where BTCUSD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
Make sure to hit the like button if you think my charts are helpful, thanks!
Happy Trading! ~ CryptoJC
Wings has been trending within a descending channel ever since it's June 2018 high at 38k satoshi. At the time of my February 23 analysis on Wings (which unfortunately was removed by TradingView because it had links to my social media...), it was moving within the purple lined falling wedge.
By now it has managed to break above the purple lined falling wedge, but has not yet managed to successfully break out the orange channel. Right now we can see a descending triangle (white lines), which usually is a Bearish signal. Depending on the line placement, it however looks like it is breaking out above the triangle, pushed up by the blue December trend extrapolation. The MACD and RSI indicators are slightly positive at the moment.
If it can move beyond the dotted white descending triangle line as well, it looks like Wings DAO will soon test the solid orange channel line again at 8500 ~ 8700 sats and target 10k afterwards, which also happens to be the orange dashed (candle wick based) trend line. If it breaks above 10k with enough momentum and volume it is likely the next big targets will be 26.k, 32.5k, and all time high at 38k.
Don't count your chickens before they hatch though. Reaching these targets will need momentum and trade(r) volume. I feel that Wings is somewhat under the radar at this time, lacking hot news and social media buzz.
Should it fail to stay above the blue trend line and not bounce back from the 5600 ~ 6000 support zone it has a good chance of declining all the way down to 3000.
Nearby resistance at: 7500, 8000, 8600, 10k, 11.4k
Nearby support at: 7100, 6300, 6000, 5600
You can use this chart analysis to assist you in trading, to help you identify trading patterns, trend lines , support and resistance zones you can monitor for breaks.
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. You should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, where BTCUSD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
Make sure to hit the like button if you think my charts are helpful, thanks!
Happy Trading! ~ CryptoJC