Can WIF rebound to $2.80 soon?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• WIF put in two bearish divergences (higher highs in price, lower highs on the oscillator) which caused the pullback. We called for this and we were watching this in the last few Market Direction's.
• WIF has now broken below its local uptrend line, and its local support is at $2.55.
• If WIF continues with this slight pull back, the target zone could be the Yellow box between $2.00 and $2.20, although $2.20 is a local support so it's possible price bounces from there (assuming it's retested).
• The RSI has now reset more meaningfully, which is positive.
• To the downside, we'd expect the $2.20 to $2.00 to act as a major support zone.
• On the upside, $2.80 is likely a local resistance, with $3.05 still being the major horizontal resistance.

• Next Support: $2.20
• Next Resistance: $2.80
• Direction: Bearish/Neutral
• Upside Target: $2.80
• Downside Target: $2.20

Cryptonary's take

The bearish divergences in overbought territory have ultimately played out and why we initially became wary when WIF approach $3.00. Price has now pulled back but it beneath the uptrend line and local support, suggesting we might see another leg lower.

However, we expect the $2.00 to $2.20 area to act as a major zone of support. We'd be buyers of WIF in that zone - assuming it is retested.

For now, we hold Spot WIF, and we'd like to add between $2.00 and $2.20.