Crypto Update: Waves starting to confirm a new move higher?
Hi traders, today we’re looking at Waves on its D1 chart as price has started to push through its long-term downtrend.
Looking at Waves we’re seeing a few signs that buyers are trying to set up a new uptrend. Looking back to late January and early February we can see price broke out of a descending triangle pattern. This set up the first leg higher that tested and closed outside the long-term downtrend. Sellers did set up one new reaction lower but today we have seen price pull back yesterday’s losses and has started to set 10.10 as support which was a previous resistance level. That, with the pattern break, HL and resistance to support hold, backs up the case for buyers.
For the breakout to confirm we need to see price break above 11.20 resistance. A move through this level continues the case for buyers but a break above 13.15 really starts to push a case for a new medium-term coming into play.
A fail at current resistance and a new move down back to 8.25 is a big worry for buyer momentum and could suggest sellers could continue to hold numbers.
Waves D1 Chart 
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