WIF targets $4.80 resistance soon

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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• It was a wicked move, all in all. And the price is much higher than a few weeks back, even with this pullback we're seeing currently.
• WIF was rejected at the candle body tops of its all-time high, and it has since pulled back to the horizontal support level of $3.40. Price is managing to hold this area as support for now.
• Below $3.40, there is another support at $3.05. We expect the $3.05 to $3.40 range to hold as support. We wouldn't be surprised if $3.40 itself acted as support before we see more upside.
• On the large move up, the RSI became tremendously overbought. However, that has since reset somewhat, but the RSI's moving average is still slightly lower, so it's possible there's slightly more room to pull back for price.
• On the upside, the resistance and the goal for the price to surpass are all-time highs.

• Next Support: $3.40
• Next Resistance: $4.80
• Direction: Neutral
• Upside Target: $4.80
• Downside Target: $3.05

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Cryptonary's take

Coinbase listing WIF is likely a sign that they see the market moving in a positive direction and retail likely coming back, and they want to capture the fees off of people who are trading it. After a massive move-up like we've seen, it's normal for the price to pull back.

Price remains well above the levels we've seen it trading at in the last few months. We're expecting a period of consolidation for the price (maybe a week), and we expect this between $3.40 and $4.00. Beyond that, we expect the break out to be to the upside. We're holding Spot WIF positions, and we're expecting fireworks in the coming months. No plans to sell anytime soon.