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- The current WBTC price is $27,561 while seeing a change in 24 hour trading volume of -48%.
- WBTC price is observing an increase of 0.06% in the last 24 hours.
Wrapped Bitcoin (WBTC) price has been getting strong buyers over the last couple of months, indicating strong support from the investors. But now it is making some spinning top candlestick patterns, showing exhaustion in the price around the supply zone. This candlestick pattern is often formed at either the top or bottom of the trend, mainly when the trend is about to change. As such, it is likely that sellers will start steeping in the price action and this might change the trend.
The WBTC price, after crossing above its resistance around $17,000 and making a double-bottom pattern, made an engulfing bullish candlestick pattern – a bullish move, while gaining 25% of its value. However, the WBTC price made a breakout with strong momentum and started trending above the 200 EMA.
The bears tried to take control of the market, but because of the buyers’ strong support, the WBTC price made a recovery and saw its recent high while gaining 43% of its value.
The WBTC price preparing for a correction on the ( Daily Timeframe)
The overall market sentiments are currently trading in the greed zone near 64 points, gaining a major difference since the last month when the market sentiments were trading around 54 points near the neutral zone.
According to the Alternative(dot)me, which measures the market sentiments, the buyers are currently dominating the market price action, suggesting the sellers may soon start stepping in.
Technical Analysis ( 1 Day Timeframe )
Conclusion
The Wrapped Bitcoin price is currently trading above all the major key indicators while the price is constantly taking support from the 50 EMA. After making a narrow convergence in early-March, the 50 EMA and the 100 EMA crossed over the 200 EMA after which the price broke its resistance with strong momentum and started trading on a bullish trend. The price might see a rebound.
Technical levels:
Support – $0.920 and $0.850
Resistance – $1.060
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
