WAVES is still, no doubt, continuing its long-term uptrend. Even though the price is currently below the EMA(200), this will most likely not last long. The price has used this trend line (starting in March 2017) 3 times since November. This is strengthening the fact that this upwards trend line will continue to support the price. The price is currently slowly consolidating and was unable to break the support of the 61.8% fib retracement level after almost 4 attempts during the formation of a descending triangle. Although there was a bearish candle that closed outside of the support, the next ones immediately became bullish, due to the fact that the long-term trend line is standing strong. Of course, the line was tested before the candle closing bullish (shown by the long lower wick), but this usually indicates a reversal when met at the end of a short downtrend. In this case, the price is expected to gain bullish momentum after the increase in bullish volume (to adjust the RSI in the positive direction as well). As the price increases, a long-term target in the bullish direction is 0.01371, due to the presence of a strong support level around the area of the first standard deviation of the pitchfork, that has been reliable in terms of resistance in the past. The price is expected to reach the strong resistance level of 0.0009966 as well before reaching this level which may be the cause of a short-term retracement before proceeding in the bullish direction.
Important Resistance Levels: 0.001450, 0.001273, 0.0009966
Important Support Levels: 0.0006761, 0.000478
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
Important Resistance Levels: 0.001450, 0.001273, 0.0009966
Important Support Levels: 0.0006761, 0.000478
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst