Wif on the weekly is forming a bottoming pattern. After our double top right below $5 we have completed our measured move to the downside and price is now testing our weekly support level.
Our weekly support level has showed very strong support in the past and is continuing to show buying pressure at this level.
Price also formed a reversal doji last week and this week could be forming a wick off bottom. This is one of my favorite patterns to trade when we form a doji and follow it with a wick off bottom to sweep the lows for liquidity.
If we see a massive weekly reversal here the first major level to watch would be around the $3.10 level (0.618) followed by of course the double to level right below $5.
Our weekly support level has showed very strong support in the past and is continuing to show buying pressure at this level.
Price also formed a reversal doji last week and this week could be forming a wick off bottom. This is one of my favorite patterns to trade when we form a doji and follow it with a wick off bottom to sweep the lows for liquidity.
If we see a massive weekly reversal here the first major level to watch would be around the $3.10 level (0.618) followed by of course the double to level right below $5.
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