$WINGS DAO #WINGS is ending the downtrend, testing support
Hello Lads and Ladies,
Today we are looking into WINGSBTC. As we look at the chart it has been in a downtrend since the begging of the year. Although, it had multiple daily breakouts of +50%, it has come to the end of the downtrend and is testing its support and downtrend resistance line. Should it not break the downtrend resistance, then it will fall down to the historical low support line. From there we would see definitely a bounce back up, RSI would also be in the 30 point region, from where it has always bounced. ANYHOW, if it successfully breaks the resistance we will see another breakout. Since it has been in a downtrend for a long time and RSI seems to be turning, there is a lower chance of the chart just moving sideways in a channel. Therefore, I believe that the breakout will be one of the bigger variety and it has various Targets as shown in the charts.
Target 1 - the 38.2 fibs line at 7524 sats.
Target 2 - the 61.8% fibs line at 10119 sats.
Target 3 - a historical support and resistance line at 15000 sats
Target 4 - very ambitious but the resistance line in the previous channel of 10119 to 19000 sats.
As you see in the chart it shows two possible channels where the chart might locate itself and follow it for quite a while. Also maybe we will even see a third channel forming above these two, which would mean new all time highs.
Cheers, Tomas
Today we are looking into WINGSBTC. As we look at the chart it has been in a downtrend since the begging of the year. Although, it had multiple daily breakouts of +50%, it has come to the end of the downtrend and is testing its support and downtrend resistance line. Should it not break the downtrend resistance, then it will fall down to the historical low support line. From there we would see definitely a bounce back up, RSI would also be in the 30 point region, from where it has always bounced. ANYHOW, if it successfully breaks the resistance we will see another breakout. Since it has been in a downtrend for a long time and RSI seems to be turning, there is a lower chance of the chart just moving sideways in a channel. Therefore, I believe that the breakout will be one of the bigger variety and it has various Targets as shown in the charts.
Target 1 - the 38.2 fibs line at 7524 sats.
Target 2 - the 61.8% fibs line at 10119 sats.
Target 3 - a historical support and resistance line at 15000 sats
Target 4 - very ambitious but the resistance line in the previous channel of 10119 to 19000 sats.
As you see in the chart it shows two possible channels where the chart might locate itself and follow it for quite a while. Also maybe we will even see a third channel forming above these two, which would mean new all time highs.
Cheers, Tomas
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