WBTC Technical Analysis: Touching a New ATH of $89,500.61 Last Week, Curve Is Flattened

Ankita  |  Nov 22, 2021

Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC is compliant with ERC-20 — the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges, crypto lending services, prediction markets, and other ERC-20-enabled decentralized finance (DeFi) applications.

Let us see what the technical analysis of WBTC says.

Past Performance

Despite huge hills and valleys in the price chart, the current has given good returns to the investors. Five days ago, it has also made a new all-time high at $89,500.61.

Opening trade for WBTC on November 15, 2021, took place at $64,555.96. On November 21, 2021, it closed at $58,316.12. This was a weekly change of -9.66%.

TradingView Chart

WBTC Technical Analysis

For the last few days, the price is relatively stable for WBTC. The current trading price is $57509.63, which is 2.83% less than the previous day’s close. Before predicting the possible price movements in the upcoming days, let us first look at the indicators.

The OBV graph is showing a downtrend, which means that the selling volumes are constantly dominating the buying volumes, thus pushing the price to move downwards.

Looking at the RSI graph, we can see that the bulls are losing strength and the RSI has moved below the equilibrium. Currently, it is at 41.69%.

After a bearish crossover about 10 days ago, the MACD line and the Signal line in the MACD graph are still continuing to move downwards. This is a negative signal for the traders.

Day-Ahead and Tomorrow

Currently, the price chart is resting on the Fib level at $57,103.3. Breaking from this point will decide the further direction of the price chart.

Thus, the indicators are giving strong bearish signals. The traders may take book their profits while keeping a minimal price at $50,552.

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