Technical analysis by limitissky77 about Symbol WIF: Buy recommendation (2/10/2025)

Key Observations:Price Action:The price is currently trading around $0.6584.The chart shows a strong downtrend from a previous high above $4.00, indicating a long-term bearish trend.The price has reached a major support zone (marked in green), which aligns with previous accumulation levels before the big uptrend.Support & Resistance Levels:Major Support: Around $0.60 - $0.65, where price has previously consolidated.Major Resistance: Likely around $1.00 (psychological level) and $1.50.RSI (Relative Strength Index):Current RSI: 23.97, which is in oversold territory (<30).This suggests that the asset is heavily oversold and could be due for a bounce or relief rally.However, RSI alone isn't a strong reversal signal; price action confirmation is needed.Market Sentiment & Potential Scenarios:Bullish Case: If the price holds the $0.60 - $0.65 support and forms a bullish pattern (e.g., double bottom, higher low), we could see a bounce towards $1.00 - $1.50.Bearish Case: If the support breaks, the price could move lower, possibly towards $0.50 or lower before finding new support.Trading Plan & Risk Management:Potential Long Entry: If price consolidates above $0.65 with increasing volume and bullish structure.Stop-Loss: Below $0.58 - $0.60 in case the support fails.Profit Targets:First target: $1.00 (psychological level).Second target: $1.50 (previous resistance zone).Confirmation Needed: Look for a bullish engulfing candle, increasing volume, or RSI divergence before entering a long position.Conclusion:The chart shows oversold conditions at strong historical support.A potential bounce could happen, but confirmation is needed before entering a trade.Risk management is crucial, as a breakdown below support could lead to further downside.