Market Structure Overview
WIF is currently trading inside a well defined descending channel, where price has been respecting both the upper resistance and the lower support with clean reactions. The recent move shows price stabilizing near the lower half of the channel, suggesting selling pressure is slowing down.
Key Price Behavior
Price is reacting around a strong horizontal demand area that has previously acted as a base. This zone is also aligned with Fibonacci retracement support, which increases the importance of this level. Buyers are stepping in, but confirmation is still needed.
What to Watch Next
If price manages to reclaim and hold above the channel midline and breaks the descending trendline, momentum can shift toward a recovery phase. That would open the path for a move toward the upper resistance zone of the channel.
If price fails to hold this support area, a deeper pullback toward the lower channel boundary remains possible before any meaningful reversal.
Bias & Invalidation
The outlook remains cautiously bullish as long as price holds above the current demand zone. A clean breakdown and acceptance below this area would invalidate the bullish scenario and favor continuation to the downside.
Patience is key here. Let the market confirm direction before committing.
