WAVES/BTC Technical Analysis 03.08.2018
The weekend has arrived, and the crypto market reported a critical setback led by Bitcoin which lost more than 4% in what seemed to be the beginning of an uptrend, the break was false, and therefore the price fell again, this caused the Altcoins market to fall sharply, and Waves was no exception.
During the beginning of Friday, the Waves price moved below € 1.55, which reports a percentage loss of -21.37%. Never in the history of Waves had seen such a sharp drop in the price, this budget alerts investors of this cryptocurrency, however, opens a possibility of buying at a price like never before.
- RSI below 30% indicating oversold
- Waves fall at a price never seen before
- Possible purchase at a price never seen before
WAVES/BTC pair moves in a bearish channel, at the time of writing this analysis the price of Wave is trading below 0.0002412 satoshis (€1.55) we see no intention to recover the bullish course, so a buy below of 0.00016 (€1) is a good option.
As we can see in the chart, the price moves under a bearish channel. Waves cannot find a bounce that leads to new highs, in fact, if we see the graph in weekly periods we can appreciate the steady fall in price. The most important thing here is to bear in mind that Waves achieved a robust recovery of 49% last April after the price fell to 0.0005101 satoshis (€3.23) therefore a purchase below €1 is highly attractive.
Currently, the price is below the Fibonacci retracement of 17.60% touching minimum prices. With a possible bounce scenario at € 110 - €0.98. While the resistance is at €1.87.
- Major price support €0.98
- Major price resistance €1.87
- RSI (Relative outside index) 14%
- EMA (Exponential Mobile Media) 200
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