🚀 WIF/USDT: Breakout in Progress?
After a prolonged period of downward pressure, $WIF is showing signs of a significant trend reversal on the 4H timeframe. Here’s the breakdown of what I’m seeing:
📉 The Setup
Descending Resistance: Price has been respecting a clear yellow trendline for months, consistently making lower highs.
The Breakout: We’ve finally seen a clean break above that trendline, followed by a period of consolidation. This often indicates that the selling momentum is exhausted.
🎯 The Trade Idea
Entry Zone: Currently hovering around 0.370.
Target: Looking for a move toward the 0.697 level, which aligns with previous structural resistance. That’s a potential +87% move from the breakout zone.
Risk Management: Stop loss set around 0.254 to protect against a "fakeout" or a return to the downward channel.
💡 Final Thoughts
The risk-to-reward ratio on this setup looks compelling. If the bulls can maintain the support above the trendline, we could see a massive recovery heading into February.
What do you think? Is WIF ready to moon, or is this a trap? 👇
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