Be careful with WTC - don't buy the ATH

BINANCE:WTCBTC   Walton / Bitcoin
WTC has so many bearish signals right now I don't even know where to begin.

  • Volume divergence. WTC is rising on decreasing volume .
  • RSI divergence. WTC rising despite weakening RSI .
  • MACD divergence. WTC rising despite weakening RSI .

Then there's the elliot wave analysis, which pretty clearly shows a retrace must be imminent.

Even if you dont believe ANY of that, simple trendline analysis shows that a return to the lower trendline will occur at some point.

If you're buying this... stop.
Kommentar: Whoops, that should say ABC retrace, not 4 wave.. obviously :)
Kommentar: Well that certainly didn't take as long as I expected... I thought it might float sideways or continue up for abit before actually collapsing.

Either way, hope everyone got out in time!
Kommentar: Even on the big news that WTC had today it still didn't generate much volume and didn't even match its previous high (unless something changes). Just another bear sign.
Kommentar: Continuing like clockwork. Traders should look to rebuy WTC around the 25K mark for the next leg up.
Trade geschlossen: Ziel wurde erreicht: Pattern complete!

Now you can look to go long again, especially since a somewhat inverted H&S is forming. WTC is worth keeping an eye on for sure
great analysis.. i think it is forming head and shoulders right now..
Good call!!!
Hey, sorry you were completely WRONG!
chief_erl06 chief_erl06
@chief_erl06, Sorry nevermind, looks like you are going to be completely RIGHT. Got swept up in the FOMO like an idiot!
calcie chief_erl06
@chief_erl06, It's important to remember you can't time things perfectly. You have to be willing to watch paint dry for 24-48 hours, even in crypto, before the move actually happens.

The difference is, in crypto, the moves are just usually very large and very quick. That's why patience and sound TA is even more important :)
Why ignore the wick for EW analysis?
calcie miyuru
@miyuru, I think it's important to factor out "anomalies" in TA. That wick definitely fell under that category
great TA! thank you!
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