If you look at all the cryptocurrencies on tradingview, only 4 are worthy of the current fall of Bitcoin. One of them is the cryptocurrency WAVES. And today we will share with you our trading plan for this cryptocurrency.
The cryptocurrency WAVES was actively falling throughout April. At a time when other cryptocurrencies were trying to grow, WAVES sellers were confidently looking for the bottom. And theoretically found. Since the beginning of May, we have seen that with the fall in the price of Bitcoin , the price of WAVES is either in place or even rising. The whole thing is in the range of $12. This range proved its strength in May 2021. In January 2022, sellers managed to make a false break of this range. However, sellers failed to continue the decline.
Cryptocurrency WAVES trading plan
The presence of buyers, which they have proved with large volumes of bidding, allows us to plan trading situations in cryptocurrency WAVES. Large trading volumes and relatively small candles on the 3-day timeframe may be the result of fixing the profits of sellers who have been gaining their short positions since April 1. The main question is whether sellers will have the strength to break the liquid level of $12 without a deep correction?
In our opinion, this is unlikely. In case the price returns to the range of $12, we are ready to gain a position in this cryptocurrency up to $10. If the sellers manage to lower the price of WAVES below $10, we will look for a way out of a break-even position or a small profit.
If the WAVES price continues to rise from the current price, we will expect a stop at around $21.5. If after a rebound of $ 21.5 buyers again show strength around $ 12 it will be another great chance to buy WAVES with low risks. A stop order in this case should be placed below $10.
Cryptocurrency WAVES – An alternative scenario
An alternative scenario will take effect if buyers do not keep the $10 mark. In this case, the price of WAVES will fall to $5.