On 24 June, WAVES rocketed from $1.55 to $2.89, a 1-day gain of almost 87%. Can the bulls replicate such a rally in the coming days?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.It seemed WAVES bulls have another leg upward left in them as evidenced by the steady buying pressure in recent days.
The pump from $1.3 to $2.89 was used to plot a set of Fibonacci retracement levels. In the past two weeks, WAVES retraced to the 61.8% level at $1.9. It dipped as low as $1.78 on 30 June. At the time of writing, the market structure of WAVES was bullish once more on the 4-hour chart, after the move above $1.99. The RSI also showed bullish momentum.
The 1-day chart showed that the $2.14 level was a previous lower high from late May. The rally above this level meant the market structure on the daily timeframe was bullish as well. Hence, swing traders can look to build long positions in the $1.9-$2.1 region, targeting the local high at $2.89. More ambitious bulls can wait for a move to the 23.6% extension level at $3.26.
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