IS $WIF FINALLY BACK? ๐ฅ๐ค Here Is The Answer ๐
Dogwifhat (WIF) has recently surged by 12% after bouncing back from a big drop. The current price boost was driven by an increased buying interest and some technical signals that are suggesting a bullish momentum. From a long term prospective, the Weekly MACD is predicting a bullish scenario as the line is starting to cross above the signal line. However, simple moving average (weekly EMA 10/20) are still bearish and thus more volumes are needed to turn them bullish. If we zoom in daily, HUL(9) and EMA (10) are suggesting a current bullish momentum even tho WIF's price is currently retesting the support (S2). HUL is an interesting indicator because it aims to reduce the lag and improve the responsiveness. It helps to spot trends more accurately and swiftly, especially in volatile markets!
According to this situation, I will implement the following strategy. Keep on mind that I'll also hedge (protect) my strategy in order to mitigate potential losses:
Stop Loss on $1.66, entry price on S2 (1.744 to 1.803). First TP on R1 (75%) and Second TP R2 (25%). If the market goes against me, I'll open a short position on $1.66 with stop loss on $1.83. TP on S1 (100%). The short position is what could hedge my position.
Do You Still Hold WIF? ๐ค Let Me Know In Comments!
STAY TUNED! ๐ฅ & Remember, Your Support Is MASSIVELY Appreciated!๐๐ช Also Don't Forget To Share It To Your Buddy! ๐ - DYOR ๐ NFA.๐ค
