Today’s Chart- WANBTC – trading in a poll attempting to breakthrough local resistance
Points to consider:
- Below average volume
- Volatility contraction
- RSI bearish divergence
- Failed breakout attempt
WANBTC currently putting in a weak retest of local resistance after a recent failed breakout attempt
Volume is clearly declining and remaining below average, this is usually an indication of an influx being imminent
Volatility has also contracted with multiple inside bars indicative of an impending breakout
The RSI has a valid bearish divergence, a sign that the local trend is weak
Overall, in my opinion, WANBTC is likely to retrace to the 100 EMA or local support where a long position may be opened and added to as we verify a successful S/R flip above local resistance with a target of .618 Fibonacci retracement also in confluence with structural resistance.
Points to consider:
- Below average volume
- Volatility contraction
- RSI bearish divergence
- Failed breakout attempt
WANBTC currently putting in a weak retest of local resistance after a recent failed breakout attempt
Volume is clearly declining and remaining below average, this is usually an indication of an influx being imminent
Volatility has also contracted with multiple inside bars indicative of an impending breakout
The RSI has a valid bearish divergence, a sign that the local trend is weak
Overall, in my opinion, WANBTC is likely to retrace to the 100 EMA or local support where a long position may be opened and added to as we verify a successful S/R flip above local resistance with a target of .618 Fibonacci retracement also in confluence with structural resistance.