WTCBTC - Lets Confirm A Breakout
Updated
Posting about a series of Alt Coins that follow my relatively straightforward criteria these days for when Bitcoin is in a slide. The four parameters are:
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI .
4. Positive trend in MacD .
Coins already meet the parameters include ONT VEN BNB and EOS. ZIL will join them soon, as will WTC so long as the day candle closes above the 9 Day EMA.
The problem: Is WTC going to complete the Inverse H&S?
My prediction - Yes.
Why? WTC just made a nice push with the price breaking above both the 50 Day MA and 9 Day EMA. It is finding some resistance from 50% Fib retracement, but I do not expect this to hold up for long. Give it a day or two, and the rising 9 Day EMA should catch and push the price even higher. There is about to be a nice bullish cross of the 50 day MA and the 9 Day EMA which should at the least ensure a nice modest price movement for the next few days.
How to play it: If not already holding, the time to buy is as close to the 9 Day EMA as possible. The 9 Day EMA may be tested as support a number of times during the upcoming bullish run, so that should leave plenty of windows of opportunity. I myself bought in today. If risk adverse, then wait for a confirmed breakout of the RSI above 60 which is a strong indicator of a bullish trend. Stoploss will be tricky because WTC has not strictly followed the 9 Day EMA as support. During the bullish run preceding the ATH, WTC never pierced the 9 Day EMA. So maybe the fact that the last short bullish run saw the price jump back and forth day after day is a sign of a weak run. Target initially is the neckline of the inverse head and shoulder pattern, then if a breakout occurs the sky is the limit and reevaluation will be necessary.
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI .
4. Positive trend in MacD .
Coins already meet the parameters include ONT VEN BNB and EOS. ZIL will join them soon, as will WTC so long as the day candle closes above the 9 Day EMA.
The problem: Is WTC going to complete the Inverse H&S?
My prediction - Yes.
Why? WTC just made a nice push with the price breaking above both the 50 Day MA and 9 Day EMA. It is finding some resistance from 50% Fib retracement, but I do not expect this to hold up for long. Give it a day or two, and the rising 9 Day EMA should catch and push the price even higher. There is about to be a nice bullish cross of the 50 day MA and the 9 Day EMA which should at the least ensure a nice modest price movement for the next few days.
How to play it: If not already holding, the time to buy is as close to the 9 Day EMA as possible. The 9 Day EMA may be tested as support a number of times during the upcoming bullish run, so that should leave plenty of windows of opportunity. I myself bought in today. If risk adverse, then wait for a confirmed breakout of the RSI above 60 which is a strong indicator of a bullish trend. Stoploss will be tricky because WTC has not strictly followed the 9 Day EMA as support. During the bullish run preceding the ATH, WTC never pierced the 9 Day EMA. So maybe the fact that the last short bullish run saw the price jump back and forth day after day is a sign of a weak run. Target initially is the neckline of the inverse head and shoulder pattern, then if a breakout occurs the sky is the limit and reevaluation will be necessary.
Note
Returned to the 9 Day EMA to give buyers another chance to get in, as I indicated above the best time to buy is as close to the 9 Day EMA as possible.Trade closed manually
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