WIF cleared $2.20, $3.05 next?

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 built a base at the $1.60's and price has moved up and cleared above the horizontal resistances of $1.96 and $2.20.
• The $2.20 horizontal resistance also has convergence with the main downtrend line, which price is attempting a higher timeframe breakout.
• The RSI was very overbought, and even though it has pulled back slightly, it still remains close to overbought territory. This is perhaps the only concern for this chart currently.
• If WIF can maintain a breakout of the downtrend line, the next target would be $3.05.
• To the downside, we'd expect the zone between $1.96 and $2.20 to be strong support and a zone where we expect large bidders.

Cryptonary's take

Overall, a great looking chart with the higher timeframe breakout. It's possible we see a slight pullback, and we would consider this a positive sign as it would likely reset the overbought RSI a tad more. But, we think this is a great setup here. If we weren't positioned, we'd be looking to bid WIF between $1.96 and $2.20 (assuming we're given the opportunity to do so) and potentially bid with some size.