$WET Sweeps Below $0.05622, But Bulls Still Have a Chance to Push Higher
$WET just experienced a sharp 11.1% drop, sweeping liquidity below the $0.05622 level. However, the price reclaimed that zone, keeping the 1-hour higher-low structure intact.
Here is what makes this setup interesting:
1. Bullish Structure: The 15-minute liquidity sweep followed by a reclaim suggests a potential liquidity grab rather than a confirmed trend reversal. The 1H structure remains bullish.
2. Higher-Timeframe Warning: Daily and weekly trends are still bearish. This is a counter-trend long opportunity, so stronger confirmation is essential before entering.
3. Key Resistance Targets:
- TP1: $0.05822
- TP2: $0.05982
- TP3: $0.06136
4. Potential Entry Zone: $0.0548–$0.0562. I want to see a successful retest, followed by a bullish engulfing candle or pin bar closing above $0.05622, ideally with increasing relative volume.
5. Risk Management: The critical 1H higher low sits at $0.05160. A confirmed 1H candle close below this level would invalidate my bullish outlook.
Derivatives Data:
- Open Interest: $2.4M (+8.9% in 24H)
- Funding Rate: -0.0720%
- Taker Buy/Sell Ratio: 1.56x
- Volume Activity: 0.07x
Negative funding and buy-side taker dominance support the bullish scenario, but volume confirmation is still needed.
My Take: $WET bulls have an opportunity to extend the 1H recovery, but I am watching the $0.05622 reclaim closely. No chasing, no blind entries—confirmation first.
Not financial advice. Educational analysis only.
#WET #CryptoTrading #BinanceSquare #Altcoins #TechnicalAnalysis
$WET just experienced a sharp 11.1% drop, sweeping liquidity below the $0.05622 level. However, the price reclaimed that zone, keeping the 1-hour higher-low structure intact.
Here is what makes this setup interesting:
1. Bullish Structure: The 15-minute liquidity sweep followed by a reclaim suggests a potential liquidity grab rather than a confirmed trend reversal. The 1H structure remains bullish.
2. Higher-Timeframe Warning: Daily and weekly trends are still bearish. This is a counter-trend long opportunity, so stronger confirmation is essential before entering.
3. Key Resistance Targets:
- TP1: $0.05822
- TP2: $0.05982
- TP3: $0.06136
4. Potential Entry Zone: $0.0548–$0.0562. I want to see a successful retest, followed by a bullish engulfing candle or pin bar closing above $0.05622, ideally with increasing relative volume.
5. Risk Management: The critical 1H higher low sits at $0.05160. A confirmed 1H candle close below this level would invalidate my bullish outlook.
Derivatives Data:
- Open Interest: $2.4M (+8.9% in 24H)
- Funding Rate: -0.0720%
- Taker Buy/Sell Ratio: 1.56x
- Volume Activity: 0.07x
Negative funding and buy-side taker dominance support the bullish scenario, but volume confirmation is still needed.
My Take: $WET bulls have an opportunity to extend the 1H recovery, but I am watching the $0.05622 reclaim closely. No chasing, no blind entries—confirmation first.
Not financial advice. Educational analysis only.
#WET #CryptoTrading #BinanceSquare #Altcoins #TechnicalAnalysis