WIF Technical Analysis in a Daily TimeframeHello everyone, I’m Cryptorphic.
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Now, let’s dive into this chart analysis:
WIF, in the daily timeframe, is in a correction phase and is likely to move down toward the lower support trendline between $1.50 and $1.70.
A rebound can be expected from anywhere near the support range, which could eventually push the price as high as 200% in the coming days.
Key levels:
- Support/Accumulation Range: $1.5 to $1.7.
- Primary Resistance: $2.85.
- Higher Resistance: $4.86.
- Invalidation: A close below the lower support at $1.5.
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WIFUSDT trade ideas
WIF - Risky long entryReally don't like this coin, but a setup is a setup, right?
Punted a long from the monthly open level with a tight stop 5% below. No high hopes for this one as everything else is going down and I still believe we will see BTC at 58-59k coming days so it probably drags WIF with it. But again, not risking much here.
I don't even have a target, might close after a small bounce already.
Stay safe!
WIF UPDATE (12H)Now, there is good data on the chart. From where we put the red arrow on the chart, it looks like a big correction has started.
The correction seems to be a diametric.
Wave D seems to be ending.
The targets are listed on the chart.
The green area is a strong support on which we look for buy/long positions
Closing a candle above the invalidation level will violate the analysis
For risk management, please don't forget stop loss and capital management
Comment if you have any questions
Thank You
Trade Setup: WIF Long PositionMarket Context:
WIF set in a double bottom on July 11th and has since climbed 90%, establishing a higher high and breaking the downtrend.
The price is currently retracing, and we are looking for acceptance above $2. Observing this area for signs of a bounce will help in trading the breakout while setting in a higher low.
Trade Parameters:
Entry: Enter a trade between $2 and $2.2.
Take Profit:
First target: $3
Second target: $3.6
Stop Loss: Set at a daily close below $1.90
📊 Monitor price action closely around the $2 area for signs of a bounce. Ensure to manage your risk effectively and adjust the trade if market conditions change. #WIF #TradingStrategy #CryptoTrading 🎯
WIF is bearishThe large WIF structure is bearish. Price is constantly making lower L's and H's.
Every time the price moves above the demand range, it cannot make new Hs.
It has now hit good resistance.
By maintaining the swap range, it can move and drop towards the targets.
We have specified the targets on the chart.
Closing a daily candle above the invalidation level will violate the analysis.
Note that the financial market is risky, so:
Do not enter a position without setting a stop and capital management and confirmation and trigger.
When we reach the first TP, save some profit and try to move the stop continuously in the direction of your profit.
If you have any comments please post them, comments will help us improve our performance
Thanks
WIF - x6 Leveraged TradeWIF
dogwifhat appears to be one of the strongest coins in this area.
And a loosely defined contraction pattern is printing.
So considering that the market dump is probably behind us; I have bought Spot and a x6 leveraged trade.
x6 will liquidate 5.5% below the market dump low @$2.192.
Considering how bullish Bitcoin has become, I dont think it gets there.
And I think WIF will continue on to much higher highs 👍.
Not advice
WIF: Key Levels and Buy StrategyThe trading volume is 438.706K WIF, indicating significant market activity.
Indicates a potential bullish trend with the SAR at $2.364.
The SMA is at $2.561, indicating that the current price is slightly above the moving average, which can be a bullish sign.
The histogram value is 0.008, MACD line is 0.008, and the signal line is -0.001, indicating a bullish trend.
%K at 79.49 and %D at 81.50, indicating near overbought conditions.
The RSI stands at 52.57, suggesting that WIF is in a neutral zone but with a bullish bias.
Market Sentiment
The market sentiment for WIF appears cautiously optimistic. While the Stochastic Oscillator indicates nearing overbought conditions, the MACD and Parabolic SAR suggest bullish momentum.
Potential Market Scenarios
Bullish Scenario:
A decisive break above the local resistance at $2.8 could lead to further upward movement, targeting the solid resistance at $3.2.
Bearish Scenario:
If WIF fails to break above the local resistance, it could retest the support levels at $2.555 and $2.43. A break below $2.43 could signal further declines.
When to Buy WIF for Investment
Current Situation:
Given WIF's current price at $2.6 and the technical indicators suggesting potential overbought conditions, a cautious approach is warranted.
Optimal Buying Strategy:
Wait for a Pullback: Considering the Stochastic Oscillator indicating near overbought conditions, waiting for a pullback towards the local support level at $2.555 could offer a better entry point.
Solid Support Level: If the price drops further, the solid support at $2.43 is a strong level to consider for investment. Historically, WIF has found significant buying interest at this level, making it a safer entry point.
Gradual Accumulation: Alternatively, adopting a dollar-cost averaging (DCA) strategy by buying small amounts at regular intervals can mitigate the risk of market timing and take advantage of potential dips.
Conclusion and Market Outlook
WIF is currently positioned with significant support and resistance levels to watch. While technical indicators suggest potential overbought conditions in the short term, the bullish MACD and overall market activity suggest room for growth.
Impact of Bitcoin:
It's essential to note that Bitcoin (BTC) is currently at a crucial level. If BTC fails to surpass its all-time high and experiences a significant drop, it could negatively impact the broader cryptocurrency market, including WIF. Monitoring BTC's price action is vital for understanding potential risks to WIF's price movements.
WIF — Following The Trend Line Towards $3.18As discussed in the last few days, WIF broke through the resistance at ~2.2. We've been waiting for this signal to enter a trade with the ultimate target of ~3.18.
So far, WIF is respecting and following the bullish trend that was one week ago. The latest candles on the 4H chart once again touched the trend and support line and bounced nicely.
Based on that, I expect a stronger push to the upside shortly. The ultimate goal of a price above $3 should be reachable at the beginning of the next week.
Dogwifhat WIF price looks like ... 👇Do you think the memecoin era has already passed or do they need to rest a little more before they can continue "show"?
The chart shows the global price movement of #WIFUSDT. Since the beginning of 2024, this asset has grown neither a little not a lot, just do +7000%)
Applying wave analysis to this coin, it seems to us that there need one more corrective wave down.
At $1.35, we might consider buying CRYPTOCAP:WIF , but at $3.30, we don't feel comfortable to buy.
Or are you saying that we are wrong and the price of #WIFUSDT will soon consolidate above $4.85 and head straight for $15 for #dogwifhat?)
WIFUSDT Double BottomWIFUSDT Technical analysis update
WIF price is breaking the double bottom neckline on the daily chart, and the price has broken above the 100 EMA. We can expect a strong bullish move in the coming days.
Buy zone : Below $2.45
Stop loss : $1.97
Take Profit 1: $2.85
Take Profit 2: $3.60
Take Profit 3: $4.85
dogwifhat — We're Almost Ready To Roll — 40% Potential!
WIF is currently consolidating below its major resistance. Once this level breaks, the token should quickly rally 40%.
The details are based on chart analysis, technical indicators, and trade signals.
1️⃣ Chart Analysis
WIF has formed a double bottom at $1.5 and is currently facing resistance at ~$2.3, where it was rejected twice on the daily chart. Once this resistance breaks, WIF should rally towards the level of $3.20, resulting in a 40% profit potential.
2️⃣ Technical Indicators
Many momentum indicators have turned overbought due to the recent bounce of their local bottom. However, given the current consolidation below the 2.3 resistance, momentum indicators could quickly return to neutral zones. Trend indicators signal a clear bullish trend across all timeframes. Additionally, the ADX indicates a strong trend.
3️⃣ Trade Signals
On lower timeframes (4H & 1H), WIF flashed several bullish Power Scalper signals. These signals usually appear short before a correction/consolidation. Accordingly, this played out well. On the 1W timeframe, WIF printed a bullish MACD crossover, which further seconds the potential during the next days and weeks.
🚀 Trading Scenario
The most healthy and sustainable scenario requires a consolidation below the resistance for a day or two so momentum indicators can return to neutral zones. Afterward a push should break the resistance and lead to a rally toward $3.2
Therefore, from a trading point of view, an entry right above 2.3 seems solid.