Waves/BTC : Analysis & Trade recommendation.
What is Waves?
Waves is a Blockchain platform that appeared in 2016, its goal is to reach a wide audience of users in order to democratize the use of a digital currency, including companies that can easily set up their own virtual currency. It is intended to be a platform for the creation, transfer and exchange of customizable tokens based on the Blockchain. In February 2018, a stable version of its platform was launched. Waves also raised $120 million (on December 18, 2018) from private investors to create a private blockchain for governments/big companies: “Vostok”. This resulted in a significant increase of more than 60%.
Analysis :
Waves has re-tested its support (49 000–51 000 satoshis) 3 times as you can see on the graph with the green crosses. This support subsequently became a resistance, tested twice (red hammers). In early December 2018, after 8 days of accumulation this resistance was broken up. In mid-December, Vostok’s announcement by Waves pushed its price to 120,000 satoshis. The price then stabilized in a descending triangle for 105 days before breaking it down. This triangle is represented on the graph by red dotted lines.
➡️ How to position yourself?
On April 11, 2019, Waves re-tested his support by reaching the 49,520 satoshis area. Taking a position near this support seems to be interesting as long as it holds! In case you enter between 49,000 and 51,000 satoshis, place your stop at around 41,000 satoshis. It should be noted that the RSI is also oversold, indicating a possible end of decline for Waves.
➡️ Where to place your Take Profit? (TP)
In the case where Waves hits its support, the TP1 would be around 68,000 satoshis, just below the 50% retracement of Fibonacci. TP2 to the 80,000 satoshis and TP3 to the 99,300.
➡️ To summarize:
- WAVES/BTC would be bouncing back on an old very solid support (49 000–51 000 satoshis).
- Monitor the evolution and position yourself near this support.
- TP1: 68,000 / TP2: 80,000/ TP3: 99,300 Stop Loss: 41,000.
Invest only what you can afford to lose.
Nico, analyst at Crypto-Addicts.
Be careful these are estimates and it is obviously necessary to monitor Waves and its evolution. This is a trading plan and not a prediction.
