Technical Analysis - Waves
WAVES/USDT - Week 38
As shown in the chart above, we will be analyzing the technical status of WAVES/USDT.
WAVES has been making solid moves and strong impulsive moves, have decent retraces attached to them. This is exactly what we are seeing here on WAVES today.
First, a powerful breakout, followed by a retrace and S/R flip of the breakout area, then another "test-pump," which brings us to the levels we see.
As described above, WAVES is currently retracing from a reaction "test-pump" following and confirming a successful S/R flip. The volume of the pump was strong, which indicates strong hands and investors willing to buy WAVES. The retrace we see right now was a perfect rejection at the previous key-area of support and the MKAST LenLen ribbon. The retrace volume is significantly lower than the one during the pump, which supports a retrace's mentioned theory and not of a newly evolving downtrend.
Looking at technical indicators, we can see that MKAST Algorithm is still in a buy-condition, which supports re-tests and dips. Following the MKAST Index, we can see a 9/15 point index, bullish, especially as it is crossing up its ALMA.
An experienced trader would identify the potential of WAVES to have a wick or a minor retrace and with it a second re-test of the previous key-area, which has now become support and be looking for entries as close as possible to that area.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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