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BitGo, a crypto custodian platform, has just expanded two of its projects to the Tron blockchain. According to the announcement, it is revealed that the firm has launched Wrapped Bitcoin (WBTC) and Wrapped Ether (WETH) on the Tron blockchain.
Past Performance
The past week was mixed for WBTC (Wrapped Bitcoin) token. After a bullish start to the week, the WBTC price fell before it surged again to attain the week’s high of 1.005 BTC. Thereafter, the price started falling again. As of February 9, 2021, the WBTC token closed at approx 1 BTC.
In the past 24 hours, the token price has fluctuated within the price range of 0.997 BTC-1.002 BTC.
https://www.tradingview.com/x/v3iKolBe
WBTC and Future Movements
Currently, WBTC is trading at 0.999 BTC. The price has fallen from the opening price of 1 BTC. The price line is continually dropping below the SMA and EMA lines. This implies that the market is bearish.
The A/D line is rising steadily with intermittent deep troughs. This indicates that there is a constant tension between the buying and selling activity of WBTC. Currently, it is rising. This implies that whales are selling BTC for buying WBTC. This BTC distribution is increasing while WBTC accumulation is increasing.
The RSI indicator is at 48%. This implies heavy WBTC offloading by whales. The RSI is continually facing a bearish swing rejection at 50%. Thus, the WBTC price is unlikely to surge.
The MACD and signal lines are negative. But they are fast approaching the zero line and will change signs soon. So, we can expect the WBTC price to rise.
The OBV indicator is falling. This again implies a heavy sell-off of WBTC token. There is a negative divergence here and the trend may reverse soon. The AO indicator is also negative. This again implies strong ‘sell’ signals. Hence, a price downtrend may set it.
The EOM line is neutral at 0. So, the price movement can take any direction. However, the ADX line is rising. This indicates that the current price downtrend is strong enough to sustain. In other words, the strength of a bearish trend is increasing.
Presently, the price is just below the Fibonacci pivot point of 0.9997 BTC. A downtrend is confirmed if the price falls below the first Fibonacci support level of 0.998 BTC. By the end of the day, if the price falls below the second and third Fibonacci pivot support levels of 0.997 BTC and 0.995 BTC, respectively. A bear-run is imminent, the price downtick will continue tomorrow as well.