WAVESUSDT makes a retest of the strong support area of 1.500 and breaks the resistance of the descending wedge. This set-up, if positive, could strongly reverse the market.
The price tests the liquidity of the support area and forms a rebound from the 1.500 level. In phase two, the price breaks the wedge resistance and is in a consolidation format.
A local resistance of 1.669 is forming on the junior timeframe. If the bulls can overcome this resistance zone, an impulse may form, which will only push the price after exiting the wedge.
The moving averages act as resistance. The price might soon test the MA-50.
Strong support: the descending boundary of the wedge, level 1.500
Strong resistance: 1.669, 1.800, 2.350
I expect consolidation above the level of 1.500 and breakout of 1.669 with further growth of the price to 2.350, then to 5.000
The price tests the liquidity of the support area and forms a rebound from the 1.500 level. In phase two, the price breaks the wedge resistance and is in a consolidation format.
A local resistance of 1.669 is forming on the junior timeframe. If the bulls can overcome this resistance zone, an impulse may form, which will only push the price after exiting the wedge.
The moving averages act as resistance. The price might soon test the MA-50.
Strong support: the descending boundary of the wedge, level 1.500
Strong resistance: 1.669, 1.800, 2.350
I expect consolidation above the level of 1.500 and breakout of 1.669 with further growth of the price to 2.350, then to 5.000