WIF downside risk toward $0.46

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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• For WIF today, we've zoomed out and we're using the 3D timeframe, as we've essentially needed to zoom out to identify prior price levels that we can now look to for new supports.
• WIF has broken all of the higher levels ($1.40, $1.60 etc), and between $0.46 and $1.40, there aren't any real levels of support. Meaning, that if WIF broke $1.40, it was possible that a move straight down to $0.46 was on the cards, and this is what we've seen.
• The next major support for WIF is at $0.46, this would likely be a real area where WIF could put in a more meaningful bounce from.
• The RSI on the Daily is extremely oversold, and we're now seeing that the 3D timeframe has also entered oversold territory as well. This may open the door for a bounce soon.

• Next Support: $0.46
• Next Resistance: $1.10
• Direction: Bearish/Neutral
• Upside Target: $0.80
• Downside Target: $0.46

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Cryptonary's take

It's possible that WIF has another 10-20% downside (until $0.46), where it might then be able to finally put in a more meaningful bounce. If a bounce (relief rally) is given, and you haven't yet de-risked out of WIF, we'd suggest using bounces to sell your position down.

Whilst we're in a risk-off environment, it doesn't make sense to hold meme and it's possible that the novelty of WIF, POP and SPX will have worn off by the time a risk-on environment returns.

At that point, the more attractive plays will likely be new picks ie, whatever is the new, and hot meta at that time. We'd therefore suggest taking the relief bounces in WIF to reduce your exposure if you're still holding WIF.