WIFUSDT → A reversal set-up. Breakdown 2.100
Updated
WIFUSDT changes the market structure to bearish. Traders are moving into the phase of profit-taking after the rally. The market is not ready to go up yet.The rally stops at the strong resistance zone at 2.639. A local false breakdown is formed relative to the extreme upward movement, indicating that buyers are not ready yet and sellers have come to the market (profit-taking). At the moment the market is testing 2.100 and is ready to break this support. A pullback is possible before breaking down.
BUT, if the buyers now enter this zone and consolidate below 2.100, the prospect of further decline will come very quickly.
Resistance levels: 2.15, 2.2
Support levels: 2.100, 1.96. 1.95
A breakdown and consolidation below 2.100 will activate strong selling amid a general bear market. If the price further enters the flat channel, it may cause a decline to 1.45
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Trade closed: target reached
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