- BTC briefly climbed to $19.5k before bears stepped in.
- Despite BTC’s weekly move down, WAVES was able to rise above $4.
- There are several bullish technical indicators present on WAVES’ 4 hour chart.
The crypto market leader, Bitcoin (BTC), rose to $19.5k. However, the crypto market was flooded with bearish volume to foil bulls’ attempts. As such, the downside target for BTC is around $17.8k
Should BTC’s price fall below $19k, it could drag the rest of the crypto market down along with it. Despite BTC’s weak bounce, Waves was able to move above the $4 market over the past 2 days.
4 hour chart for WAVES/USDTA (Source: CoinMarketCap)
The 4 hour chart for WAVES/USDT showed that the price saw a strong move downward into September. The market structure flipped bearish after WAVES was unable to cling to $4.8 and blew right past $4.68 as well.
In the following days, the price bounced between the $4.2 and $4.37 levels with little to no intent. More recently, the $4.2 support failed and was soon retested as resistance.
WAVES’ price recently dropped below the $4 level briefly but was elevated within the same 4 hour candle by a small introduction of buy volume as bulls fought to protect the support.
Several technical indicators on the 4 hour chart for WAVES/USDT are still in favor of bulls. The first indicator that shows that bulls have a slight upper hand is the RSI line positioned above the RSI SMA line. Next is the MACD line that is positioned above the MACD signal line, and the MACD histogram is positive.
However, if the $4 support is tested again then there may not be enough bull strength to stop a further decline, and any bullish thesis will be invalidated.
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