- WBTC token price is on a strong uptrend and has managed to sustain at the long-term supply zone.
- The WBTC token price is forming an inverted head and shoulder pattern on a daily time scale.
- Despite strong resistance from the supply zone, the WBTC token price has changed to sustain at the supply zone.
WBTC token price has managed to sustain at the supply zone despite a strong pressure from bears. Following which it started forming a positive price structure after huls overpowered the bears. At present, the WBTC token price is trading at the price level of $24644.6
WBTC token price has turned positive
WBTC token price, after bouncing off the lower band, was supported by the bulls which led to a formation of a reversal chart pattern despite a strong rejection from the supply zone. As of now, the WBTC token price is trading above the 50 and 100 important Moving Averages. Moving upwards during the bullish run these MAs can be seen acting as a strong demand zone.
At present, the WBTC token price is trading above the 15 EMA afternebkaing it out during a recent bull run. It is also trading at the upper band of the bollinger band indicator. The range of the Bollinger band indicator has widened following a strong move in the past 24 hours and therefore a little consolidation before a move on either side can be expected.
WBTC token price is forming a head and shoulder chart pattern on a daily time frame
WBTC token price after forming a reversal chart pattern in consolidating near the supply zone. The ADX curve was bearish before the recent bullish movement and has also turned positive as it dipped out of the 15-mark level. The ADX curve has turned upwards indicating a possible change in the price movement . From bearish to sideways and eventually bullish trend.
The super trend indicator turned positive as soon as the token price turned bullish. A recent breakout has resulted in the formation of a super trend buy line which can act as a strong demand zone when the token price starts moving upwards. Before the current movement, the WBTC token price was facing a strong rejection from the super trend sell line.
Conclusion: WBTC token pride as per the price action is bullish and has managed to sustain above the long-term demand zone after a long consolidation. Technical parameters have also turned bullish supporting the price movement. It remains to see if the token price will break the supply zone to fall below the long-term support zone.
Support: $20500 and $21400
Resistance: $24500 and $26700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss