WAN- It's ya boi di-di-divergence
Updated
Wanchain has been on a steady decline since the 2nd of May high after its listing on Huobi. After Bitcoin's last little dump (from 8.8k to 8.3k), prices have gone down and are "dangerously" approaching our end of the triangle.
Chart is self-explanatory, though: 1hr chart shows a bullish divergence in our Chaikin Oscillator, Momentum and RSI. Chaikin and Momentum are also approaching buying regions, so exciting times ahead, probably!
On the price chart, lime-coloured fib retracement is the .382 (8196) and green fib retracement is .5 (7402). Red dotted line is drawn from the 12th of April low wick to the latest low of the 11th of May.
We could potentially see another test of the trendline before the possible breakout; also be very cautious because Wanchain has shown a lot of fragility to BTC's price lately...
Other stuff to take into account:
-Volatility has been low the last few candles.
-Release of form for application as alhpanet 2.0 tester near.
-Ledger integration close to release.
-Consensus (?).
Feel free to leave your comments and thoughts on the chart and happy trading!
PD: Not professional advice, just educational :D
Chart is self-explanatory, though: 1hr chart shows a bullish divergence in our Chaikin Oscillator, Momentum and RSI. Chaikin and Momentum are also approaching buying regions, so exciting times ahead, probably!
On the price chart, lime-coloured fib retracement is the .382 (8196) and green fib retracement is .5 (7402). Red dotted line is drawn from the 12th of April low wick to the latest low of the 11th of May.
We could potentially see another test of the trendline before the possible breakout; also be very cautious because Wanchain has shown a lot of fragility to BTC's price lately...
Other stuff to take into account:
-Volatility has been low the last few candles.
-Release of form for application as alhpanet 2.0 tester near.
-Ledger integration close to release.
-Consensus (?).
Feel free to leave your comments and thoughts on the chart and happy trading!
PD: Not professional advice, just educational :D
Note
Timing and one of the things mentioned: WAN's fragility. If you look at the chart, tho, Chaikin and Momentum's observations still hold, and StochRSI is showing bullish momentum, having the dotted trendline work as resistance now.
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