2019-4-10 17:55 |
Waves has a neutral short-term outlook, with the cryptocurrency testing towards its 200-period moving average The four-hour time frame is starting to show a bearish head and shoulders pattern Waves is bullish over the medium-term, with the WAVES / USD pair still holding price above its 200-day moving average Waves / USD Short-term price analysis
Waves has a neutral short-term bias, with the cryptocurrency falling back towards its 200-period moving average on the four-hour time frame.
The four-hour time frame also shows that the recent upside failure has created a head and shoulders pattern, with the WAVES / USD pair slipping back towards the neckline of the bearish pattern.
Due to the recent decline, technical indicators across the four-hour time frame have turned bearish.
WAVES / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that a bearish double-top pattern formation is also present across the four-hour time frame.
Relative Strength Index
The RSI indicator on the mentioned time frame is also bearish as downside pressures increase.
MACD Indicator
The MACD indicator on the four-hour time frame is currently bearish, with the MACD signal crossing lower.
Waves / USD Medium-term price analysisWaves has a bullish medium-term outlook, with the cryptocurrency remaining technically bullish above its 200-day moving average.
The daily time frame currently shows that the WAVES / USD pair remains trapped within a triangle pattern, following numerous false upside breakouts.
Technical indicators on the daily time frame are currently flatlined, as the WAVES / USD pair returns to tight range-bound trading conditions.
WAVES / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that multiple daily price closes are now needed outside of the triangle pattern to confirm a technical breakout.
Relative Strength Index
The RSI indicator on the daily time frame is also flatlined and failing to generate a clear trading signal.
MACD Indicator
The MACD indicator is flatlined on the daily time frame, with the MACD histogram and the MACD signal line both failing to generate any clear trading signals.
ConclusionWaves has once again moved into a period of price consolidation after numerous failed attempts from bulls to move the price above the triangle pattern on the daily time frame.
The four-hour time frame is showing that downside pressure is increasing, which could signal that sellers may attempt a bearish breakout from the triangle pattern on the daily time frame.
For a brief introduction to the WAVES platform, check out our coin guide.
We wrote several analytic reports on the project, with the initiation report available here.
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