Bearish Trend continues, Short term profits but not going long

17 thg 3, 2018

The more I look at this chart the more bearish I become. WTC had a nice ABC retracement last week that made for some nice profits. It would appear we are forming another corrective wave that should take us down toward the 0.00079000 sat level. WTC currently looks to be finishing the 5th of 5 waves. The question to me is will it have a last push down toward the outer trend line around the .00140000 level. Thing to keep in mind if we breach the low there is a high probability there are quite a few stops sitting there that will be triggered. In my experience trading this coin it has a tendency to have an extended 5th wave so caution is key when entering a trade on this coin. If we see this movement then we know it's very likely the downtrend will continue.

I believe WTC is setting it's first wave in the downtrend wave structure. Because of this I am looking to enter a trade of a bounce as RSI is already extremely over sold with a sell target around the .382 and .5 retrace levels.

Key points:
Buy target: .001400000
Sell target: .00160000
Risk:Reward : 7:1
Net Potential : 12.5%

As always, these are my ideas for my trades and not advice on how to trade. Thanks for taking a look. Any feedback is always welcome

18 thg 3, 2018

Ghi chú

Well that couldn't have played out any better, nice profits in a short period always makes you feel good. On to the next setup.

4 thg 4, 2018

Ghi chú

Seems to be on track to hit target area. Big drop incoming