WAVES / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 23 May 2019

$0.51 tipped


WAVES seen from the temporality of 1W we can see how it seems to be repeating the same pattern of bass structure with that long wick left in the two downward movements, currently the candles are within the area of demand indicated in the graph above with a gray rectangle, the current candle is testing the support located in the 2973, if history repeats itself, we should see that there is a range of accumulation within that area of the rectangle. I have marked three parabola supports on different levels, even the candles have not yet tested any of them.

WAVES seen from the temporality of 1M we can see how the current candle is testing correctly the support of the 2973, I have enclosed within a blue circle the accumulation zone in the previous bass movement, seems to be repeating the same pattern.

WAVES seen from the 3D temporality, this is the part that leaves me with doubts, since it seems that the pattern I mentioned before, seems to have been fulfilled within this temporality, the RSI indicator shows oversold zone and we have bullish divergence, the current candle is showing enough thrust, to close above the horizontal we could see a change of trend.

WAVES seen from the temporality of 1D we can observe more closely the area enclosed within the blue circle, this zone indicates the previous zone of accumulation, currently we could find ourselves at the beginning of the fractal and therefore see the price fluctuating for a while within this zone.

WAVES has very good fundamentals ahead, the closest for the end of May, this could support the movement in the chart for the following months.

In conclusion, in 3D temporality seems to show an early bullish movement, however, it is not entirely clear with respect to other temporalities, the best thing for the moment would be to see if the candle in 3D breaks the horizontal and see with what force it does, this could clear doubts.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.


MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader


TA crypto market
TA crypto market

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