$WIF Analysis of Japanese Candlestick Patterns Daily on WIF

1. The Last Candle

• A daily candle with a medium body size and a relatively long lower wick, indicating strong buying pressure at support (around $1.06).

• The long lower wick suggests that the price has rejected further decline below this level, reinforcing the likelihood of a bullish rebound.

2. Previous Candles

• Before it, there were consecutive bearish candles with large body sizes, indicating strong selling pressure in the previous days.

• However, it was followed by a Hammer candle or a Bullish Engulfing candle, which are reversal patterns that favor the beginning of a rise.

3. Accompanying Technical Indicators

• The Relative Strength Index (RSI) is near the 40-45 area, indicating that the currency is not in an oversold zone, and the price may begin to rise.

• The moving averages (MA20 and MA50) have started to converge, with a potential positive crossover approaching.

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Expectations Based on Candlestick Patterns:

• Medium-term upward potential if the price continues to hold above the support at $1.06.

• Testing resistance at $1.17 - $1.20 is expected in the coming days if the upward momentum continues.

• If the price breaks below $1.05 daily, we may see a continued decline towards lower levels.