Price Level:
Current price: 1.374 USDT
24h High: 1.458 USDT
24h Low: 1.077 USDT
Candlestick Pattern:
The recent candlesticks indicate a bearish trend with significant downward movement.
The high of 4.860 in recent history suggests volatility.
Indicators:
MACD: Shows bearish momentum as the MACD line is below the signal line.
RSI: At 36.881, indicating it is approaching the oversold territory but not quite there yet.
Volume:
The trading volume is substantial, indicating strong activity.
Moving Averages:
MA(5): 542,414,485.67
MA(10): 558,774,995.93
The moving averages are relatively close, suggesting a potential consolidation phase or upcoming breakout.
Trading Signals and Strategy
Short-Term (Swing Trading)
Entry Point:
If the price bounces from the 1.077 USDT level (recent low), consider entering a long position aiming for a short-term recovery.
Confirm the entry with a bullish candlestick pattern or an RSI crossover above 40.
Exit Point:
Target the next resistance level around 2.222 USDT.
Consider setting a trailing stop loss to lock in profits as the price moves up.
Stop Loss:
Place a stop loss below the recent low at approximately 1.050 USDT to minimize potential losses.
Long-Term (Position Trading)
Entry Point:
Wait for the price to show signs of consolidation or a clear reversal pattern above the current support level.
A confirmation from the MACD showing a bullish crossover could strengthen the entry decision.
Exit Point:
Aim for higher resistance levels such as 3.638 USDT and 4.860 USDT if the bullish trend continues.
Stop Loss:
A wider stop loss around 0.800 USDT considering the long-term horizon, to avoid being stopped out by short-term volatility.
Additional Tips
Monitor overall market conditions and news related to WIF for any significant impact on price movements.
Stay updated with the trading volume and any significant spikes that may indicate a change in trend.
Utilize alerts for key price levels to stay informed without constantly monitoring the charts.