• The short and medium-term outlook is in a range-bound market.
• Patience should be exercised for a defined trend.

WAN/USD Medium-term Trend: Ranging

Supply zone: $0.7000, $0.8000, $0.9000
Demand zone: $0.3000, $0.2000, $0.1000

WANUSD is in a consolidation in the medium-term outlook. Although the bears had a brief control as today session opened at $0.2548, the momentum was shortly lost at $0.2402 a key demand area with downward price movement occurred at this area.

The cryptocurrency rose to $0.2655 within the range with the target at the upper supply area which was confirmed by the signal of the stochastic oscillator pointing up at 68% suggesting upward momentum in price in the medium-term within the range.

$0.2800 is the upper supply area while $0.2200 is the lower demand area. A breakdown or breakout in price may occur, hence patience should be exercised before taking a position after retest.

WAN/USD Short-term Trend: Ranging

The short-term outlook of the cryptocurrency is in a range-bound market. The market has been in consolidation from 21st July. $0.2566 was the high while $0.2463 was the low of yesterday session.

Today market opened on a bearish note at $0.2619 with the bears in dominance as the coin fell to a new low at $0.2402 before exhaustion sets. The bulls are back in control as price rose to $0.2646 within the range.

The stochastic oscillator signal is undefined at 54% and price is above the two EMAs a reflection of the ranging scenario.

WANUSD is in consolidation and trading between $0.2700 in the upper supply area and at $0.2400 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.

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