- Ah, the WIF bulls, valiant yet weary, have clung to the $0.81 demand zone like a cat to a warm windowsill, yet alas, no rally has graced their efforts.
- Whispers from the liquidation heatmap suggest a potential reversal from the $1-region, as if the market itself is playing a cruel joke.
In the grand theater of finance, our protagonist, dogwifhat [WIF], has revisited its former range high, seeking solace as support in the early days of June. Despite a commendable 26% leap in just two days, the WIF bulls find themselves thwarted by the stubborn resistance of last week’s high. Oh, the irony!
Is WIF on the Brink of a Bearish Reversal? 🐻
The 1-day chart, a harbinger of doom, reveals a bearish structure for our dear dogwifhat. After a valiant attempt to breach the $1.18 resistance in mid-May, WIF found itself setting a higher low at $0.93, only to bounce back to test the same resistance once more.
Yet, the second attempt was met with a resounding “no,” as rejection sent the price tumbling below the $0.93-mark. This shift in structure, akin to a tragic play, unfolded on the 31st of March. Just hours before this narrative was penned, WIF made another attempt to rally beyond $1, but fate had other plans.
The CMF on the daily chart languished at -0.17, a clear signal of heavy capital outflows, while the MACD hovered near the zero line, poised to form a bearish crossover. Such drama!
The 4-hour chart revealed a CMF at +0.06, following a price bounce from the local low at $0.8. A brief flirtation above $1.04 hinted at a potential structure shift, but alas, it was likely to be followed by a reversal, much like a bad date.
We witnessed a fleeting glimpse of the dogwifhat price above the $1.04-level, only to be met with a bearish engulfing candle on the H4 chart—a classic sign of a bearish reversal. The CMF’s descent below +0.05 would indicate that buying pressure has, quite dramatically, waned.
The bearish crossover on the MACD could further confirm this shift in momentum. As it stands, a sustained WIF rally may require Bitcoin [BTC] to leap higher, like a cat on a hot tin roof. Until then, traders might brace for a reversal towards $0.8.
The 2-week liquidation heatmap revealed two magnetic zones of importance. One, lurking just below $0.8, beckons as the target of the anticipated bearish reversal. Another liquidity pocket at $1.08 could tempt WIF closer, like a moth to a flame.
If short-term demand and speculative interest rise, a breakout past the psychological $1 resistance could indeed be sustained. This scenario becomes more likely if Bitcoin can muster some gains in the short term. Otherwise, swing traders may find themselves waiting for a dip to $0.8 to go long, much like waiting for a bus that never arrives.
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2025-06-11 10:19