0%
Last Time This Signal Happened WAVES Gained Over 3551%
#Cryptocurrency#crypto trading#crypto trading tips+2 more tags

Last Time This Signal Happened WAVES Gained Over 3551%

With a 107% gain over the past 7 days, WAVES is a top cryptocurrency performance leader. The last time the RSI oscillator broke above the 50 mid-level, WAVES gained over 3551%. It's also worth emphasizing that the entire price structure from the May 3, 2021 sell-off is unfolding as a 3-wave corrective pattern.

RSI Indicator

The Relative Strength Index (RSI) oscillator has an excellent track record at calling trend reversals.

This is the first time since August 2020, when the weekly RSI momentum reading crossed above the 50 mid-level. This significant price development can call for an end of the bearish trend started with the January 2020 high.

As long as the RSI momentum readings accumulate above the 50 mid-level, we can expect the bullish trend to prevail.

ABC Pattern

On the weekly chart, WAVES' price has built a massive ABC pattern, which is corrective in nature and calls for a new major cycle to the upside.

Down from May 3, 2021 high, wave A ended at $11.42 low, and up from there, wave B ended at the $34.90 high.

Wave C can be completed between the 0.618 and 0.786 Fibonacci extension levels, between $10.97 and $16.09, respectively.

Looking forward: The next major resistance level comes around $20, where we can see a slowdown in the bullish momentum.

Inbox Image

Newsletter

Get the weekly email with exclusive crypto analyses and news worth reading. Stay informed and entertained, for free.

Related Articles

Bot Trading 101 | How To Apply a Scalping Strategy
#Automated trading strategy#Strategy designer#EMA+3 more tags

Bot Trading 101 | How To Apply a Scalping Strategy

Cryptocurrencies | BTC vs. USDT As Quote Currency
#Bitcoin#crypto trading#crypto trading tips+2 more tags

Cryptocurrencies | BTC vs. USDT As Quote Currency

Technical Analysis 101 | What Are the 4 Types of Trading Indicators?

Technical Analysis 101 | What Are the 4 Types of Trading Indicators?

Bot Trading 101 | The 9 Best Trading Bot Tips of 2023
#crypto trading#trading bot#crypto trading tips+2 more tags

Bot Trading 101 | The 9 Best Trading Bot Tips of 2023

Start trading with Cryptohopper for free!

Free to use - no credit card required

Let's get started
Cryptohopper appCryptohopper app

Disclaimer: Cryptohopper is not a regulated entity. Cryptocurrency bot trading involves substantial risks, and past performance is not indicative of future results. The profits shown in product screenshots are for illustrative purposes and may be exaggerated. Only engage in bot trading if you possess sufficient knowledge or seek guidance from a qualified financial advisor. Under no circumstances shall Cryptohopper accept any liability to any person or entity for (a) any loss or damage, in whole or in part, caused by, arising out of, or in connection with transactions involving our software or (b) any direct, indirect, special, consequential, or incidental damages. Please note that the content available on the Cryptohopper social trading platform is generated by members of the Cryptohopper community and does not constitute advice or recommendations from Cryptohopper or on its behalf. Profits shown on the Markteplace are not indicative of future results. By using Cryptohopper's services, you acknowledge and accept the inherent risks involved in cryptocurrency trading and agree to hold Cryptohopper harmless from any liabilities or losses incurred. It is essential to review and understand our Terms of Service and Risk Disclosure Policy before using our software or engaging in any trading activities. Please consult legal and financial professionals for personalized advice based on your specific circumstances.

©2017 - 2024 Copyright by Cryptohopper™ - All rights reserved.