Long
🌊WAVES- 2Y channel, great opportunity
-- Macro perspective (2-year long channel) --
tradingview.com/x/QtMTGPan/
The price has been moving in an ascending channel for 2 years, which under conditions of high volatility in crypto market is quite impressive. Although last two months weren't so great for WAVES as buyers failed to push the price above major resistance multiple times (creating double top), the price is now back at its baseline .
This area is heavily supported by:
- many local levels
- macro level (24.04)
- both 200MA/EMA
- 0.786/0.5 FIB confluence
- bottom trendline of the 2-year long channel(huge support)
This discount and very favorable entry conditions could potentially attract a lot of new buyers who could push the price above major resistance this time (31.88-34.76) There's always a bearish scenario, and in this case it would be breaking below both moving averages and seeing rejection at any attempt of getting back to the channel.
Entry: buy in the baseline area (current price down to 200MA) -- or -- buy once local dynamic resistance is broken and 27.16 claimed on a local pullback -- or -- buy once the price breaks above major resistance and pulls back
* or scale your way up increasing your position size in all of the mentioned areas.
Targets:
TP1: 27.16
TP2: 31.77
TP3: 34.76
TP4: 33.88
TP5: 41.80
TP6: OPEN++
-------------------------------
About WAVES:
Waves is a multi-purpose blockchain platform which supports various use cases including decentralized applications (DApps) and smart contracts.
Launched in June 2016 following one of the cryptocurrency industry’s earliest initial coin offerings (ICO), Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.
The platform has undergone various changes and added new spin-off features to build on its original design.
Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards.
Source: coinmarketcap
tradingview.com/x/QtMTGPan/
The price has been moving in an ascending channel for 2 years, which under conditions of high volatility in crypto market is quite impressive. Although last two months weren't so great for WAVES as buyers failed to push the price above major resistance multiple times (creating double top), the price is now back at its baseline .
This area is heavily supported by:
- many local levels
- macro level (24.04)
- both 200MA/EMA
- 0.786/0.5 FIB confluence
- bottom trendline of the 2-year long channel(huge support)
This discount and very favorable entry conditions could potentially attract a lot of new buyers who could push the price above major resistance this time (31.88-34.76) There's always a bearish scenario, and in this case it would be breaking below both moving averages and seeing rejection at any attempt of getting back to the channel.
Entry: buy in the baseline area (current price down to 200MA) -- or -- buy once local dynamic resistance is broken and 27.16 claimed on a local pullback -- or -- buy once the price breaks above major resistance and pulls back
* or scale your way up increasing your position size in all of the mentioned areas.
Targets:
TP1: 27.16
TP2: 31.77
TP3: 34.76
TP4: 33.88
TP5: 41.80
TP6: OPEN++
-------------------------------
About WAVES:
Waves is a multi-purpose blockchain platform which supports various use cases including decentralized applications (DApps) and smart contracts.
Launched in June 2016 following one of the cryptocurrency industry’s earliest initial coin offerings (ICO), Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.
The platform has undergone various changes and added new spin-off features to build on its original design.
Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards.
Source: coinmarketcap
Note
update 11/11/21:Just wanted to clarify something I didn't say because I assumed it was obvious; but in case it isn't:
Double-top following previous uptrend is obviously a bearish pattern, and we just saw a massive sell-off on Bitcoin and alts (thus the price hit bottom of the channel) Just because the price is low and at support it doesn't mean the market will recover right away, so remember to manage your risk properly. At the time of posting this BTC is trading at 65k but if it goes lower you know what's gonna happen to alts. In case of another dump the key for waves is to hold above 200EMA.
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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.