- The short and medium-term outlook is in a downtrend.
- Traders may continue to sell at key areas with reversal pattern formation.
WAVES/USD Medium-term Trend: Bearish
Supply zones: $3.00, $4.00, $5.00
Demand zones: $1.20, $1.10, $1.00
WAVESUSD remains in a bearish trend in the medium-term outlook. The loos in bullish momentum denoted by wicks in the candles at $1.55 in the supply area on 20th July suggests a reversal in trend. The area was also around the trend line where a bounce to the downside is expected in the medium-term.
The bears gradually returned with an initial drop in price to $1.41 and $1.37 as the low of the day on 21st and 22nd July respectively.
The momentum down south was sustained as the market opens today at $1.43 with the cryptocurrency down at $1.36 in the demand area.
The formation of lower high and low each day which is characteristic of a down-trending market is obvious.
With price below the two EMAs with the signal of the stochastic oscillator pointing down at 13% in the oversold region, it suggests a downward continuation in price with $1.30 as bears’ initial target in the medium-term.
WAVES/USD Short-term Trend: Bearish
The presence of wicks at $1.44 in the supply area implies bullish exhaustion. Although the market opened on a bullish note at $1.42 with an initial rally to $1.44 in the supply area. The resistance at the 50-EMA prevented further upward price movement.
WAVES USD dropped to $1.37. Minor correction occurred to the 10-EMA as the bears' may have resumed the continuation to the downside.
The signal of the stochastic oscillator points down at 19% in the oversold region with price below the two EMA. This implies downward price movement 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.
