It Can Be Another Classic Breakout Of Waves Coin
Retracement and EMAs:
After a huge rally the price action of waves coin has been retraced between 0.618 to 0.786 Fibonacci retracement level. This retracement can be easily seen in the monthly time frame. Now the price line is testing the exponential moving average 10 on the monthly time frame chart. This EMA 10 is very strong support for the priceline of the Waves coin because previously when the price action tested the EMA 10 then after that we had a very big bull run of the Waves coin.
Bullish BAT pattern:
Now this time on the daily time frame chart, the price line of WAVES has formed a bullish BAT.
As per the Fibonacci sequence of this move the targets can be as below:
Buy between: $12.77 to $12.14
Sell between: $14.29 to $16.56
The maximum extent of the buying zone $12.14 can be used as a stop loss. As per the above targets, this trade has a profit possibility of up to 36%, and the loss possibility is 5%.
Descending triangle:
On the same daily time frame chart, the price action of Waves coin has also formed a descending triangle as well. Now if Waves cryptocurrency will take a bullish divergence from the potential reversal zone of the bullish BAT pattern, then it can also break out resistance of the descending triangle. And in case of breakout the resistance the priceline can be reached immanently to $20.
After a huge rally the price action of waves coin has been retraced between 0.618 to 0.786 Fibonacci retracement level. This retracement can be easily seen in the monthly time frame. Now the price line is testing the exponential moving average 10 on the monthly time frame chart. This EMA 10 is very strong support for the priceline of the Waves coin because previously when the price action tested the EMA 10 then after that we had a very big bull run of the Waves coin.
Bullish BAT pattern:
Now this time on the daily time frame chart, the price line of WAVES has formed a bullish BAT.
As per the Fibonacci sequence of this move the targets can be as below:
Buy between: $12.77 to $12.14
Sell between: $14.29 to $16.56
The maximum extent of the buying zone $12.14 can be used as a stop loss. As per the above targets, this trade has a profit possibility of up to 36%, and the loss possibility is 5%.
Descending triangle:
On the same daily time frame chart, the price action of Waves coin has also formed a descending triangle as well. Now if Waves cryptocurrency will take a bullish divergence from the potential reversal zone of the bullish BAT pattern, then it can also break out resistance of the descending triangle. And in case of breakout the resistance the priceline can be reached immanently to $20.
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