WIF eyes $2.20 breakout after pullback

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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• Overall, price action has been disastrous, with price struggling to put in a meaningful bounce, which we have got on other major pullbacks.
• Price has broken through a lot of key levels, and it's now using the $1.96 horizontal level as a local resistance.
• Beyond $1.96, $2.20 is the key level for the price to breach above.
• There is huge support between $1.50 and $1.80, so that's a positive.
• What's also positive is that in this pullback, the RSI became oversold, and it is now breaching the lows and breaking above its moving average. This is the first sign of positivity we've seen for a while.

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• Next Support: $1.80
• Next Resistance: $2.20
• Direction: Neutral (Bullish)
• Upside Target: $2.20
• Downside Target: $1.80

Cryptonary's take

Overall, chart-wise, this really looks like it's due for a more meaningful bounce. However, what is a concern is that we haven't seen a meaningful bounce already, although it's possible we can put that down to the time of year when big traders are away from their desks, and therefore the liquidity just isn't there in the market currently.

In the coming week, we expect WIF to move up to $2.20 and retest that level. It'll be key to judge the price action at $2.20, assuming we get a retest of that level. A strong reaction at that level is needed if we're to see higher prices in the coming weeks/months.