• The short-term outlook is in a range-bound market while the medium-term is in the downtrend.
• Patience is required in the short-term for a defined trend.

WAN/USD Medium-term Trend: Bearish

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

WANUSD continues in a bearish trend in the medium-term outlook. The bears manage to push the coin to $0.4200 in the demand area during yesterday session before a brief loss in momentum. The bulls made a gradual retuned before the close of the market with price up at $0.4043 around the 50-EMA.

The bulls maintained a hold of the market as it opens today $0.3708. Increased bullish momentum shot the coin up to $0.4591 in the supply area. This area is the 61.8 fib a trend reversal zone. It thus suggests a change in trend to the downtrend.

The bears may resume the downward movement in the medium-term as divergence is seen between price and the stochastic oscillator. Its signal points down at 43% an indication of downward momentum in price.

$0.3507 in the demand area is the bears' initial target for a retest as it journey down south.

WAN/USD Short-term Trend: Ranging

The short-term outlook of the cryptocurrency is in consolidation. $0.3665 in the demand area was the low while $0.4002 in the supply area was the high of yesterday range.

The bulls had dominance as the market opens today at $0.4002 with a bullish doji candle. Increased bullish momentum led to a breakout at the upper supply area. WANUSD rose to $0.4579 and closed within the range with a long wick.

The signal of the stochastic oscillator points down at 43% an indication of downward movement within the range in the short-term.

$0.4200 is the upper supply area while $0.3600 is the lower demand area of the range. Patience should be exercised for a breakout at the upper area or a break down at the lower area with a retest 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.