The calm before an explosion is often when people are most likely to let their guard down, and the chart structure of $WIF is creating exactly that illusion. Moving averages from the daily down to the one-hour timeframe are all overhead, keeping price pinned below the mid-term moving averages. This bearish alignment won’t be reversed by just one or two rebound candles. Each bounce comes with weaker volume, showing that buyers have no intention of stepping in. Every retracement is simply giving bears a better entry.
What I’m watching is the resistance from the dense cluster of moving averages overhead. As long as price fails to reclaim that zone and hold above it on a rebound, a move down to test the previous low is the most likely path. Of course, sustained strength in Bitcoin could interfere, so there’s no need to be aggressive. Trading with a light position and taking profits in stages is the prudent approach.
🔴 Trade direction: Short
📍 Entry range: 0.1567894 – 0.1572120
🛑 Stop loss: 0.1617183
🎯 Take profit 1: 0.1534625
🎯 Take profit 2: 0.1511037
🎯 Take profit 3: 0.1475653
Gaze upon the vastness of mountains and seas; observe the market’s finer details.
Walk alongside Uncle Xiong, and witness the gains and losses of the world.
#WIF
Click below to trade 👇
What I’m watching is the resistance from the dense cluster of moving averages overhead. As long as price fails to reclaim that zone and hold above it on a rebound, a move down to test the previous low is the most likely path. Of course, sustained strength in Bitcoin could interfere, so there’s no need to be aggressive. Trading with a light position and taking profits in stages is the prudent approach.
🔴 Trade direction: Short
📍 Entry range: 0.1567894 – 0.1572120
🛑 Stop loss: 0.1617183
🎯 Take profit 1: 0.1534625
🎯 Take profit 2: 0.1511037
🎯 Take profit 3: 0.1475653
Gaze upon the vastness of mountains and seas; observe the market’s finer details.
Walk alongside Uncle Xiong, and witness the gains and losses of the world.
#WIF
Click below to trade 👇