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The Waves price has been decreasing since December 30 and has reached a significant support area.

Cryptocurrency trader and analyst @PostyXBT stated that the Waves price has reached a key horizontal support level at 11,500 satoshis and could initiate a bounce from here. However, since the BTC price is increasing rapidly, he advocated for caution when entering into positions.

$WAVES

Watching for a bounce here with confluence from a key horizontal level and MA.

Alts not doing great with BTC movement, no rushing into positions.

Protect your capital people! pic.twitter.com/lOQgwIFPN8

— Posty (@PostyXBT) January 7, 2020

Let’s take a closer look at the Waves price and try to determine its future price movement.

The Waves price has been decreasing since reaching a high of 15,100 satoshis on December 30. Since the tweet, it has decreased below the 11,500 satoshi support area and the 200-day moving average (MA).

The next support areas are found at 10,000 and 9000 satoshis. The former is also supported by the presence of the 100-day MA.

In the short-term, we can see that the Waves price has almost reached the 100-day moving average (MA), which coincides with the 0.618 fib level and previous support.

However, there is no trading structure in place nor is there any bullish divergence. Therefore, we cannot confidently predict a price reversal simply because the price has reached a strong support area.

But, the 10,000 and 9000 satoshi support areas are key levels to watch in case the price creates a bullish structure such as a double bottom or descending wedge.

In the long-term, while the Waves price has been continuously making new all-time lows since July, the weekly RSI has been generating significant bullish divergence inside oversold territory.

The previous time this occurred was in December 2018 and an upward move with a magnitude of 370% followed afterward. If the price begins another upward move, it should face resistance at 25,000 satoshis, and if it is successful in breaking out, the rate of increase should accelerate afterward.

We discussed the possibility of this movement in more detail in our previous analysis.

To conclude, the Waves price has been in a free-fall since December 30. While it has reached a significant support area, there are no signs of a reversal yet nor is there any trading structure, making it impossible to enter the trade with clearly defined entry and exit points. The long-term outlook remains bullish.

The post The Waves Price Fails to Break out Above Decisive Resistance appeared first on BeInCrypto.

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