WIF has a strongly bearish market structure and momentum, although the past 24 hours saw an influx of buying in the spot markets.
The $1.95 level has been retested as resistance and the bears remain in control as the downtrend is set to continue.suffered significant losses in the past few weeks. Since the local high at $4.08 on the 29th of May, WIF has shed 54% and traded at $1.86 at press time., much lower than a month ago. The $10 price prediction did not come to pass due to the shift inThe market structure of WIF was strongly bearish.
Instead, the bounce lost momentum just above the $2.57 level and sunk lower. This retest of the 78.6% Fibonacci retracement level as resistance was evidence that the 100% level and potentially southward extensions could be the next support levels.The Accumulation/Distribution chart was in a firm downtrend over the past month. The daily RSI was also below neutral 50 to denote a firm downtrend in progress.The higher timeframes and the lower timeframe charts were both in bearish favor.
There was a spree of short liquidations in the past 24 hours due to the price bounce. Short sellers might be profitable in the coming days, but the spot CVD’s trend is something they should keep an eye on. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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