WIF / TetherUSShort
$WIF in a DEATH SPIRAL, where to SHORT IT
WWIF Back To Its Potential Death Spiral After a Short-Lived Dead Cat Bounce
Still one of the worst-performing memecoins with a market cap over a billion USD. Annoyingly, I had to close my short that I opened last Saturday after it hit my TP1 at $1.01 (Bearish Pennant #2 Target, see the 2hr chart for details) and immediately started pumping due to some hyped-up news about a promo campaign.
I don’t care about such news—these are for the streets. But I care about my capital, so I fully exited at entry ($1.285) since Dead Cat Bounces can be deadly sometimes. Not on this occasion, though—the price didn’t even reach my main $1.4 key resistance level before immediately selling off, leaving a nasty wick on that candle.
Downtrend Continuation and Short Setups
The Daily chart shows heavy selling pressure, and looking at the 2-hour chart, things aren’t looking any better—unless you're looking for short positions.
Potential entries:
$1.11 – First potential short due to a strong confluence of:
Golden Pocket (which acts as resistance when approached from below) & Descending Trendline (originating 6 weeks ago and tested multiple times).
$1.18 – Another short setup using:
Fib 0.5 retracement & descending 50 MA (yellow line on the 2hr chart).
$1.27-$1.28 – Potential Double Top rejection confirmation with:
Horizontal resistance & Equal High-type rejection.
$1.4 – The safest short entry, if price rejects:
Hardened horizontal resistance & Curved-down 200 MA, which would act as a heavy rejection zone.
Bearish Momentum & Macro Risks
Momentum is bearish on all timeframes, and I’ll look for further RSI rejections before entering any short positions. That said, these positions become high-risk if ETH pushes through its resistances. the DXY correcting below 108.05 would also invalidate
Sector Outlook: Absolute Pessimism
Not just WWIF—virtually the entire memecoin sector looks weak. No fundamentals = eventual extinction. Still can’t believe this thing was nearly $5 billion in market cap.
You do you, as always. 👽💙
Still one of the worst-performing memecoins with a market cap over a billion USD. Annoyingly, I had to close my short that I opened last Saturday after it hit my TP1 at $1.01 (Bearish Pennant #2 Target, see the 2hr chart for details) and immediately started pumping due to some hyped-up news about a promo campaign.
I don’t care about such news—these are for the streets. But I care about my capital, so I fully exited at entry ($1.285) since Dead Cat Bounces can be deadly sometimes. Not on this occasion, though—the price didn’t even reach my main $1.4 key resistance level before immediately selling off, leaving a nasty wick on that candle.
Downtrend Continuation and Short Setups
The Daily chart shows heavy selling pressure, and looking at the 2-hour chart, things aren’t looking any better—unless you're looking for short positions.
Potential entries:
$1.11 – First potential short due to a strong confluence of:
Golden Pocket (which acts as resistance when approached from below) & Descending Trendline (originating 6 weeks ago and tested multiple times).
$1.18 – Another short setup using:
Fib 0.5 retracement & descending 50 MA (yellow line on the 2hr chart).
$1.27-$1.28 – Potential Double Top rejection confirmation with:
Horizontal resistance & Equal High-type rejection.
$1.4 – The safest short entry, if price rejects:
Hardened horizontal resistance & Curved-down 200 MA, which would act as a heavy rejection zone.
Bearish Momentum & Macro Risks
Momentum is bearish on all timeframes, and I’ll look for further RSI rejections before entering any short positions. That said, these positions become high-risk if ETH pushes through its resistances. the DXY correcting below 108.05 would also invalidate
Sector Outlook: Absolute Pessimism
Not just WWIF—virtually the entire memecoin sector looks weak. No fundamentals = eventual extinction. Still can’t believe this thing was nearly $5 billion in market cap.
You do you, as always. 👽💙
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.