BBOD Research: Waves

Waves | $4.73 USD | 0.00062333 BTC

Bitcoin has remained choppy over the last few days after a near-term bounce. If you have implicated tight stop losses on strong alts you may have booked some gains, although the unpredictability of this current market certainly isn’t easy to trade. Furthermore, the battle to break the major $7900 resistance level continues as a consequence of a confluence of key indicators converging at once. Such consolidation below a strong resistance level is a bullish sign, implicating that buyers are slowly chipping away at the bears. Thus, a break of this key resistance level would be extremely significant, as it would then become substantial support for further upside. Such a strong support base could lead to a prolonged alt rally, providing a vast amount of fuel for growth. It should be noted, however, that on the 4-hour chart we are currently still within the range of a bear flag since the lows of the end of May. Support can currently be found at the $7530 and $7475 levels if the market cannot yet pierce the $7900 level. Over the past 24-hour period, amongst many struggling alts, Waves has particularly stood out. On the 4-hour chart the volume during this period has been extremely strong and is indicating accumulation by smart investors. We are now right at the 0.00062 Satoshi resistance level. A break of this level would signify great potential for a move to the following resistance level at 0.0073 Satoshis. In this unstable market, however, Bitcoin leads the way and so this won’t likely take effect until we see positive confirmation there. Alternatively, a potential cup and handle pattern is forming on the 4-hour chart, an entry on the formation of the upside of the handle would provide an early entry for those who believe in the project long term. For the more conservative investor, quite advisable in current conditions, a break of the 0.00062 resistance level either now or at the end of the cup and handle pattern would provide a great entry point. From there, there is potential for 17% growth relative to BTC until the next resistance level. Certainly one to add to your watchlist for the coming days.

WAVES/BTC daily chart

Source: Tradingview

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