• The short-term is in a downtrend while the medium-term outlook is in a range-bound market.
• Traders may consider selling with bearish reversal candlesticks as conformation.

WAN/USD Medium-term Trend: Ranging

Supply zone: $0.7000, $0.8000, $0.9000
Demand zone: $0.2000, $0.1500, $0.1000

WANUSD continues in a range-bound market in the medium-term outlook. The bullish momentum was lost at $0.3790 in the range with the candle closing as an inverted pinbar during yesterday session. The coin dropped to $0.3317 as the session ended on a bearish note.

The market opens with the bears still in control as price drops further to $0.3742 within the range. The signal of the stochastic oscillator points down at 9% in the oversold region an indication of downward momentum within the range.

WANUSD is in consolidation and trading between $0.4000 in the upper supply area and at $0.3200 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

WAN/USD Short-term Trend: Bearish

The short-term outlook of the cryptocurrency is in a downtrend. The bears resume the downward price movement at $0.3598 around the trendline and pushed the coin to $0.3359 as low of yesterday session. The downward momentum was sustained as the market opens at $0.3549.

Increased bears momentum pushed price further down to $0.3267. wth price below the two EMAs and the stochastic oscillator signal pointing down at 14% in the oversold region, it suggests downward price movement with $0.3200 in the demand area as a key target in the short-term.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.