Can WIF surge beyond $3.05?

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 has broken out of its main downtrend line and gradually pushed higher, testing just shy of $3.00 a few days ago.
• Price is holding a local uptrend line nicely, and the price has bounced off local support at $2.55.
• To the upside, the main resistance remains at $3.05.
• The strongest support range is between $2.00 and $2.20 which is where we've placed a Yellow box that we'd be aggressively bidding if price reached those levels.
• The RSI has pulled back slightly having pushed in to overbought territory and printed bearish divergences. This pull back to mid-territory is healthy and good to see, even though we may see the pullback extend slightly further.

• Next Support: $2.55
• Next Resistance: $3.05
• Direction: Neutral/Bearish
• Upside Target: $3.05
• Downside Target: $2.20

Cryptonary's take

As of 4 days ago, WIF had doubled in the last month, so if we had a slight pull back or a small period of consolidation, we'd see that as very healthy and necessary for price to continue in a sustainable uptrend. If price were to pull back and retest close to $2.20, we'd be buyers at that price. If price were to fill the Yellow box, we'd be aggressive buyers there.

It's possible that price bounces off this local support and moves up again, however we think it's more likely price breaks the local uptrend and retests the $2.20 area. In our view, this would be a fantastic long-term buying opportunity.