WiF price is currently trading around 1,752 USDT. After forming a recent peak at 1,905 USDT, the price has corrected down and is looking for support.
Technical analysis:
ALL:
Trading volume during the recent bull run was not really convincing, showing that buying power was not strong.
When the price peaked at 1,905 USDT, a long red candlestick with high volume appeared, showing strong selling pressure.
Trading volume during the correction period was relatively low, indicating no sign of capitulation by sellers.
Wyckoff:
Based on the chart, it can be seen that WiF is in the distribution phase after completing the accumulation phase.
The distribution phase is represented by the formation of lower highs and lower lows.
Currently, the price is in the phase of retesting the support zone around 1,450 USDT (Strong Low).
Technical indicators:
RSI: The RSI indicator is below 50, indicating that the bearish momentum is still dominant.
MACD: The MACD line is below the Signal Line and is trending down, supporting the bearish scenario.
Support and resistance levels:
Resistance: 1,780 USDT, 1,850 USDT, 1,905 USDT.
Support: 1,720 USDT, 1,650 USDT, 1,450 USDT.
Forecast:
Short term: Price may continue to decline to the support zone of 1,720 USDT or lower to 1,650 USDT if it loses the current support zone.
Medium term: If the support zone of 1,450 USDT holds, the price could recover and retest the resistance zone of 1,780 USDT - 1,850 USDT.
Long Term: WiF's long-term trend remains unclear, depending on whether the price can break the 1,905 USDT resistance zone.
Entry point:
Buy: Consider buying when the price retests the 1,450 USDT support zone with high trading volume and signs of reversal.
Sell: Consider selling when the price retests the resistance zone of 1,780 USDT - 1,850 USDT with low trading volume and signs of rejection.
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