• The short and medium-term outlook is in the downtrend.
• Traders may consider sell positions at bullish exhaustion areas.

WAVES/USD Medium-term Trend: Bearish

Supply zones: $3.00, $4.00, $5.00
Demand zones: $1.50, $1.30, $1.00

The cryptocurrency is in a downtrend in the medium-term outlook. The weekend saw the bulls stage a comeback with price up at $2.28 in the supply area on 7th July. Exhaustion at the supply areas was obvious as the candles closed with wicks which signal the bears' return.

The break of the two EMAs confirmed the bears' takeover of the market as WAVESUSD fell initially to $1.90 and later to $1.84 in the demand area before the end of yesterday session.

The bears' pressure on the coin became much stronger as the market opens today at $1.88 as price dropped to $1.77.

Price is below the two EMAs with the signal of the stochastic oscillator is pointing down at 15% in the oversold region. These suggest a continuation in the journey down south with $1.65 in the demand area as the initial target for the bears in the medium-term.

WAVES/USD Short-term Trend: Bearish

The tweezer top formed at $2.08 shortly after yesterday opening around the trendline confirmed the bears' dominance. The cryptocurrency dropped to $1.85 in the demand area as the low of yesterday session.

The 1-hour opening candle at $1.89 was a doji that suggest a trend reversal as the bulls pushed price to the trendline at $1.92.

A bounce to the downside is expected as the bears' return for the continuation of the downward price movement in the short-term.

$1.75 in the demand area is on the card as the initial target as the bearish momentum increased and more candles opened and closed below the two EMAs.

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