Market Direction
- We're pleasantly surprised to see WIF move back up to retest $1.60, having lost that level of support and fallen well below it.
- However, it's now likely that $1.60 acts as new resistance, so we wouldn't be too excited until $1.60 can be reclaimed and flipped into new support.
- If WIF were to pull back from here, we'd expect the $ 1.30's to be retested.
- To the upside, there seems to be a lot to do, especially considering the next major horizontal level (above $1.60) is $2.20, which would likely act as local resistance along with the local downtrend line.
- The RSI is in a clean middle territory, suggesting more upside.
Cryptonary's take
In the immediate term, it's hard to be super positive about WIF here until it can convincingly close above $1.60. Over the coming days, we expect it to be range-bound between $1.30 and $1.60. We will reassess after J Powell speaks on Friday. If we see a convincing break out of $1.60, we would consider that a very positive development.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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