WANBTC | Volatility Contraction | Trade Setup

Today’s Chart- WANBTC – trading in a poll attempting to breakthrough local resistance

Points to consider:

- Below average volume
- Volatility contraction
- RSI bearish divergence
- Failed breakout attempt

WANBTC currently putting in a weak retest of local resistance after a recent failed breakout attempt

Volume is clearly declining and remaining below average, this is usually an indication of an influx being imminent

Volatility has also contracted with multiple inside bars indicative of an impending breakout

The RSI has a valid bearish divergence, a sign that the local trend is weak

Overall, in my opinion, WANBTC is likely to retrace to the 100 EMA or local support where a long position may be opened and added to as we verify a successful S/R flip above local resistance with a target of .618 Fibonacci retracement also in confluence with structural resistance.