Sniffing the Range Fence: Porky's WIFUSD Trading TaleHowdy, folks! It’s Porky here, your pip-farming pal, with today’s crypto tale. Let’s talk WIFUSD —a dog in a hat. Porky likes to think of it as a scrappy little fella, happily trotting around but too shy to jump the fence. Let’s dig into the mud, shall we?
WIF’s been doing laps between 3.56 and 2.87 for the past eight days. Picture it: a stubborn pup stuck in a yard, sniffing at the edges but refusing to escape. These fences aren’t imaginary—Porky’s plotted them with blue and orange lines on the chart.
🐾 What Do These Lines Mean?
Blue marks past highs, and orange marks past lows. They’re not based on wishful thinking but real price history. And just like a good ol’ farm fence, these lines show us where WIF might bounce or bump its nose.
The blue lines : Pivot points from spring 2024 when WIF ran wild and hit an ATH of 4.86. You’ll notice WIF keeps getting shooed back from these levels, like on November 13 and 15, at 4.36 and 4.10 respectively.
The orange lines : Bottoms from that rally’s aftermath, now forming the bounds of our range. WIF has been hanging out here, making this a comfy spot for price.
🐷 Porky’s Range Logic
Porky loves ranges—they’re like veggie patches with no weeds! Inside, price can bounce around nicely without the presence of strong internal resistance. This gives cheeky traders a chance to ride the swings. Right now, WIF is pawing toward near the lower range at 2.97-3.02 (that’s the purple patch on the chart).
Porky reckons we’ll see a bounce there, setting WIF up for another run to the top of the range at 3.56. We have already tried that twice (A and B on the chart) and Porky thinks it is likely to see this move again. If it gets a good head of steam, we might even see it break out and take a run at that 4.86 ATH.
🐾 How Porky Trades WIF:
Entry Price: 3.20—after WIF clears some hurdles.
Stop Loss: 3.13—because Porky doesn’t chase runaway dogs.
Target 1: 3.306 (+3.3%) – a quick kibble.
Target 2: 3.38 (+5.6%) – a juicy treat.
Target 3: 3.47 (+8.3%) – a whole feast.
Target 4: 3.65 (+14.3%) – the ultimate bone!
If you’re feeling bold, hold for a breakout and a potential ATH retest. Porky warns, though—trading is as risky as milking a bull!
🐷 Final Thoughts:
WIF’s range is your playground, but Porky says stick to the plan. Use those blue and orange lines like fence posts to guide your trades. And remember, Porky’s not a financial advisor—he’s just a pig who loves farming and pips. Happy trading!
If none of these wants to happen now, and we fall out of the range downwards, Porky would return to this idea once the market comes back to these levels.
Snorts and cheers,
Porky 🐷
