The looks pretty good but WTC might be running out of steam. This coin is #39 in the Top100 cryptocurrencies by market cap. A very strong coin.
Walton ( WTC ) reached a new all time high yesterday on Binance @ 0.00345. After reaching a new all time high we normally retrace. Let's see what the charts have to say.
- Today's candles looks like a classic retrace. To know if this will be just a small retrace or a correction we will need more time.
- The indicators are on the zone but turning (curving down), which is an indication of loss of momentum. This is true for the , , , DMI & OBV.
- On the shorter time-frames, 1h, 2h and 4h charts, the retrace is already underway, but it doesn't look like a correction, so far it looks like a retrace with a support found, where we can accumulate for another run up (another test of the last all time high). This of course can change anytime as this information is based on 1-4 hours candles, so these signals vary very often.
- The weekly chart is , but the candles are telling me that some consolidation is needed. Not enough information for the indicators but things are good overall.
>>> Notes for trading WTC
If I was looking at this coin from the sidelines, I would wait to see when a strong support is found. You can look for this on the 4hours chart or any chart you enjoy for a period of several days.
If I were already in this coin, I would be selling good portions of my stack, specially depending on my buy in price. With a 500% increase in the last 20 days, a retrace is something completely normal and even expected.
Use this information to your advantage. This chart is young, right now anything is possible, so trade at your own risk.
Thanks for reading.
P.S. I hope you enjoy this trade idea.
This post won't be updated as I won't be in front of my computer for a few days.
Thanks for your continued support.