Overview of market structure
WIF is currently trading within a well-defined descending channel, where the price respects both the upper resistance and the lower support with clean reactions. The recent movement shows price stability near the lower half of the channel, indicating that selling pressure is slowing down.
Main price behavior
The price is interacting around a strong horizontal demand area that previously acted as a base. This area also aligns with Fibonacci retracement support, increasing the significance of this level. Buyers are entering, but confirmation is still needed.
What do you watch next
If the price can regain stability above the midpoint of the channel and break the descending trend line, momentum could shift towards a recovery phase. This would open the way towards the upper resistance area of the channel.
If the price fails to hold above this support area, a deeper retracement towards the lower boundary of the channel remains possible before any significant reversal.
bias and lack of verification
The outlook remains cautiously bullish as long as the price stays above the current demand area. A clean breakdown and acceptance below this area would invalidate the bullish scenario and favor a continuation downward.
Patience is key here. Let the market confirm the trend before committing.