- WIF’s chart shows a potential S/R flip at $2.912, signaling a critical juncture for price action.
- Completed (c) wave with five sub-waves aligns with Elliott Wave theory, reinforcing a possible bottom.
- Oversold RSI and Stoch RSI indicate selling exhaustion, supporting the potential for a price reversal and recovery.
WIF is demonstrating signs of forming a bottom based on recent technical patterns and market indicators. Key observations, including potential support/resistance (S/R) flips and completed wave structures, suggest a critical juncture for the asset’s price action. Market participants are closely watching whether these developments confirm a sustained bottom.
Support/Resistance Flip in Focus
The identified channel on the chart indicates the potential for an S/R flip, where resistance turns into support. If this flip is completed, it could mark a significant technical development for $WIF. The pointer icons on the chart highlight the channel’s key levels, emphasizing its importance in defining the asset’s future trajectory.
Wave Structures Indicate Completion
A completed (c) wave and multiple pointer icons indicate significant areas of interest, including an S/R flip at $2.912, as observed from Big Nike analysis. The Fibonacci retracement levels highlight key zones, such as 0.618 and 1.272, aligning with critical price movements.
Source: BigMike7335 (X)
The analysis points to a completed (c) wave with five distinct sub-waves, aligning with Elliott Wave theory. Additionally, the fifth wave of the (c) structure has hit wave 2 of a higher degree, reinforcing the possibility of a bottoming pattern. This wave alignment is considered a critical indicator for identifying reversal points in price action.
Oversold RSI and Stoch RSI
Both the Relative Strength Index (RSI) and the Stochastic RSI currently appear oversold, signaling potential exhaustion of selling pressure. Oversold conditions often precede price reversals, making these metrics crucial for confirming the bottoming process. Traders are paying close attention to these indicators as they evaluate $WIF’s next moves.
If the S/R flip is confirmed and oversold conditions persist, $WIF could establish a new base. This development would provide support for upward momentum, potentially initiating a recovery phase. The combination of wave structure completion and key indicator levels strengthens the case for a bottom formation.
