WAVESBTC
WAVESWAVESBTC consolidated in a triangle. WAVESUSD falling wedge - reversal pattern. First we need touch resistance lines.
coinmarketcal.com
Waves needs to fight hard for some freedomThe Waves platform is a very good project that is undervalued at the moment. The Waves platform is a solution for storing, trading, managing and issuing your digital assets, easily and securely. It is the world fastest blockchain at the moment with the Waves NG protocol. The roadmap for Q1 2018 is looking great!
- Smart contracts (non-turing)
- Hardware wallets, shapeshift
- Mobile apps update
- Decentralized voting
- Simple messaging
Waves needs to fight against multiple resistance pointo to break free:
On the Daily:
Resistance 1: Waves need to get above the 50 day Moving Average (@82500)
Resistance 2: Waves entered the Ichimoku cloud witch is already bullish, but to remain bullish we need to get above the cloud! (@87000)
Resistance 3: Waves need to get above the the 200 day Moving Average (@90000) (a crossing of the 50 day MA and 200 day MA is also a bullish sign)
Resistance 4: Waves need to penetrate the heavy resistance (@94000)
BTC(XBT)/USD as of 1/24/2018 - Mid-Term Retest of 13,000Have a grain of salt ready, I do not claim to be an expert. This analysis is for learning purposes and should not be taken as investment advice.
I've been watching BTC much more closely than normal over the last week, looking for a good opportunity to sell. The resistance levels have been constantly hammered, especially at about $10,600. They held incredibly well apart from a few wicks puncturing them. While the price has been in a really pretty short-term downtrend since the 20th, and I have been expecting it to break through the $10,000 line and hold, it seems like the Bears just aren't able to do it right now (even with help from the Korean tax policy).
So starting big and getting small,
(in 4H candles)
The macro-trend (in dark purple) we are in right now has gone through about three of five waves (from the ~$20,000 mark) to now, which looks like the beginning of the second corrective wave in the downtrend.
Tea-leaves or not, the pattern that formed after the initial impulse down from $20,000 (in orange) is about done forming after this most recent swing from $17,000 (in red). The pattern is highlighted in purple triangles and white points on the chart.
Looking closer:
(in 1H candles)
While the price has broken out of its four day trend (in white), it is still being held back by the upper limit of the current impulse's channel. The upper limit of that channel and the relentlessly defended $10,000 resistance have created a descending triangle.
It is still possible for the price to break below $10,000, where resistance is few and far between. If so, you can expect the price to travel down to the lower limit of the macro-trend around $8,000.
However, with multiple failures to break $10,000 and a large double bottom (maybe a triple bottom if we retest $10k), it seems much more likely to break above the impulse channel and go on a run to the upper limit of the macro-trend around $13,000.
Those movements should cover the next few days.
After then, I think a final turn downwards towards the lower limit of the macro-trend would complete the huge correction BTC started in December. There's no point in me guessing what price it will hit then, but below $10k... probably $8k. BUT, that roughly will take up the rest of January and maybe a few days of February. If you believe in seasonal cycles, that lines the price up perfectly to finish its correction and resume healthy growth as we get past the first month of the year.
------------------------------------------------------------------------------------------------
Thanks for reading. I am in the process of learning how to read charts and markets better, so any and all pointers, comments, ect are really appreciated. Comment below!
possible double bottom of WAVESWAVES bounced from 70k sat for the second time in the short period of time. After a bearish period, this might be a signal of a double bottom.
Resistances exist on the levels of 80 and 90k sat.
If the bearish trend line gets broken we can expect an easier growth to 90k but have in mind that the overall market is still bearish so a breakout is less likely. But as all FUD with cryptomarket is getting lower, this likelihood will increase.
Fundamentals of WAVES are excellent.
This coin is drawing more and more attention every day and a lot of people considers it one of the most undervalued coins.
WAVES already has full working product. Roadmap for the Q1 of 2018 is really promising and a lot of positive news is expected in the next two months.
Waves TriangleWAVESBTC is inside a "huge" symmetrical but we can see a strong support at the 0.618 Fib level, it got support there 3 times, making a triple bottom.
Because of that support we see a (Bull) Descending Triangle forming, normally this pattern indicates a drop in price (continuation of the fall) but since WAVESBTC made that triple bottom it should have "power" to break the "downtrend" line, thus meaning it could rise in price.
Careful if it drops bellow the Yellow support!
Its possible that it does another bounce then it "explodes" or one way or the other so wait for a breakout confirmation to start your positions!
Trade safe!
WAVES will have a breakout soonWaves evolves to be a great coin as it already offers a decentralized marketplace. With huge updates coming in 2018, Waves might see some new levels up there needing to surpass some fibonacci targets on the road.
For now, Waves still needs a few days to breakout the flag it is in right now. The indicators show, that there is also some room for decrease. But then, we have the perfect time for a breakout as the indicators would have been pushed too low. The only problem I see here is that it could go faster than expected!
Considering all time high at 0.0026, it might be good opportunuty to join.
Have luck
WAVESBTC: Interesting chart with good fundamentalsWaves also has an interesting trade set up - this trade is also backed by the coins fundamentals. It is platform coin season and Waves is one of the undervalued platform coins. With long term resistance being broken, it looks like Waves has been accumulating for a move.
Good luck,
SouthWest