$WIF
signal🚨|coin:wif🪙
Technical Analysis
1. Trend: The chart shows a strong downtrend, with successive lower highs and lower lows. The red candlesticks and increased sell volume indicate bearish momentum.
2. Support and Resistance:
Support: Around $1.56 (recent lowest point in the chart).
Resistance: Around $1.80 (previous consolidation zone before the drop).
3. Indicators: The sell pressure is confirmed by larger red candles and higher trading volumes during the price drops. Buyers have attempted to stabilize the price at $1.56, creating a short-term support.
4. Risk/Reward: Since the trend is bearish, trading with the trend (short-selling) is advisable for intraday strategies.
Intraday Trading Signal
Scenario: Bearish Continuation
Entry Point(s):
Enter a short trade if the price breaks below $1.56 with high volume.
Alternatively, consider entering around $1.65–$1.68 if there's a pullback to test resistance before continuing downward.
Stop-Loss Placement:
Place the stop-loss just above $1.70, which is near the recent consolidation zone and resistance level.
Take-Profit Target(s):
1. First target: $1.50 (psychological level and potential next support).
2. Second target: $1.45 (if momentum continues strongly to the downside).
Scenario: Bullish Reversal (Low Probability)
If a strong bullish candle forms above $1.70, breaking the downtrend:
Entry Point: Buy above $1.72.
Stop-Loss: Below $1.65.
Take-Profit Target: $1.80, and extend to $1.88 if momentum continues.
