If This Leg Will Be Completed The WRX Can Produce Upto 276%WazirX (WRX) is a very strong token just launched on Binance on 5th Feb and enlisted on coinmarketcap.com on 6th Feb 2020 and now holding the position at 334 out of more than 2300 crypto tokens.
Showing good volatile moves this token has formed a bullish BAT pattern upto C leg and the formation of final leg D is likely to be started.
Even though this is the 1st time I am working on this token and posting a chart as it has formed its 1st ever harmonic pattern on 12hr chart but I think this token will be giving more trading opportunities with its volatility in the future as well.
The BAT pattern is being formed as below:
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.50 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.786 to 0.886 Fibonacci for a perfect bullish BAT and then the price action will be entered in potential reversal zone of this bullish BAT pattern, then we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of A to D leg.
The Bearish Move Can Be Continued Until The Price Action Enters In Buying Zone:
The token is recently born therefore we have clear signals on upto 4 hour chart’s indicators.
Price action is pushed down after hitting the Bollinger bands.
The RSI has visited overbought and turned bearish.
The moving average convergence divergence (MACD) was strong bullish and now it has turned weak bullish and soon it can be turned strong bearish and Stochastic also has given bear cross and moving down.
All above bearish signals will lead the price action to enter in potential reversal zone soon.
The Buying And Sell Range:
As per Fibonacci sequence method we can set our targets as below:
Buy between: $0.05100 to $0.03652
Sell between: $0.08555 to $0.13743
So this chart can give upto 276% big gains.
Stop Loss:
The potential reversal zone area which is up to $0.03652 can be used as stop loss in case of complete candle stick closes below this zone.
Regards,
Atif Akbar (moon333)
