WAVES: What for Shorting Traders as $5.9 Flips to Resistance?

The past week had Waves on a nearly 50% upswing, climbing towards $7.15 from $4.5. However, bulls could not follow through after this dramatic upward move. The $5.9 retest witnessed a weak rebound in WAVES price, and the altcoin formed a lower at $6.5. Meanwhile, the past few days had the price plunging beneath the demand zone area of $6. Can this sell momentum erase further gains from the previous week and forces WAVES further south to $5? Let us check.

WAVES 4Hr Timeframe

According to the 4hr chart, Waves maintained massive downtrends in June’s first two weeks. That way, the alternative token marked multiple lower highs at $7.3, $6.6, and then $5.9 on the price chart. Meanwhile, $5.1 acted as another lower high and resistance during mid-June sessions. Nevertheless, buyers avoided movements below $4.3. That had WAVES grinding its way up.

A sudden upswing within hours saw the price climbing from $4.5 to $7 before retracing to $5.9. However, the price failed to sustain massive rallies. The Relative Strength Index slipped under the neutral 50 when the price plummeted below the former demand area of $6. That confirmed a momentum flip to bearish from bullish.

WAVES 1Hr Timeframe

The 1hr chart confirms the multiple $5.9 retest. Meanwhile, the past couple of hours forced a session closing under $5.9 and extended lower towards the support at $5.5. Recently, WAVES printed a bullish divergence. That saw prices on a weak rebound to $5.94 from $5.8 before another fall to $5.6.

WAVES developed a concealed bearish deviation more recently. Concealed divergences suggest trend continuation. Meanwhile, the bias has remained bearish for a couple of days within the shorter timeframes like the 1hr. Thus, a downward move emerged. Also, the two Supertrends presented a sell sign, whereas the Stochastic Relative Strength index created a bearish cross beyond 80.

Final Thought

WAVES indicators indicated bearish strength might continue and reveal a sell sign. Moreover, the price action confirmed a flip of $5.9 into resistance. Thus, investors can expect a move to $5.5, then $5.15. Selling momentum behind Bitcoin might offer WAVES the needed bearish push for leg downs on the price charts.

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