• The short and medium-term outlook is in a downtrend.
• Responsible selling at key areas may be considered.

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 bearish trend in the medium-term outlook. The journey down south began after the bears took control of the yesterday opening session at $2.66 forming a bearish railroad. WAVESUSD dropped initially to $2.45 and created a flag before the drop to $2.37 in the demand area before the end of yesterday session.

The bears were strong as the market opens today with the 4-hour candle at $2.44. The cryptocurrency dropped further low to $2.29.

Price is below the EMAs which are fanned apart which connotes strength in trend. The stochastic oscillator signal is pointing down at 15%. These suggest downward momentum in the cryptocurrency price.

WAVES/USD Short-term Trend: Bearish

The key supply area at $2.70 witnessed bullish exhaustion signaled by wicks in the candles during yesterday session, hence the rejection of upward price movement. The break of the two EMAs confirmed the bears' takeover with $2.45 as the low of yesterday session before the formation of the bearish flag.

Today’s 1-hour candle sustained the bearish continuation market with a drop in price to $2.29 in the demand area.

Another bearish flag was formed with price up at $2.42 in the supply area before exhaustion. The bears may have resumed the downward journey with the break of the trendline.

Price is below the two EMAs and down at $2.32. The signal of the stochastic oscillator points down at 19% in the oversold region. These imply downward movement in price of the cryptocurrency.

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