Trade Recommendation: Walton
Our March 29, 2019 trade recommendation for (WTC/BTC) hit its initial target. On April 1st, the cryptocurrency climbed as high as 0.0004874. Those who followed the trade plan grew their investments by over 47 percent in a few days.
Unfortunately, Walton failed to achieve our second target. The market started to correct on April 21st after climbing as high as 0.0005323. If you face certain situations where the second target is not hit, you can raise your stop loss to our initial target and you should still be making a profit.
During the correction, Walton’s selling pressure was so great that it drove the cryptocurrency back to our 2018 range low of 0.00026. This is a price level that’s very attractive for opening fresh long positions.
Technical analysis shows that WTC/BTC is respecting our current range low of 0.00026. Bears tried to take out this support on June 5th. Fortunately, bulls immediately responded and lifted the market above the support.
The brief breach of the support can be interpreted as a false break. If market participants see it that way, the false break might provide the fuel that catapults Walton to our range high of 0.00035.
The key for the bulls is to defend 0.00026 on the next move down. A successful retest of the support will likely embolden more bottom-pickers and bargain hunters. The buying activity might start a furious rally to our targets.
The strategy is to buy on dips close to 0.00026 support as possible. As long as Walton stays above this level, there’s a very good chance that it will rally to our targets of 0.000305 and 0.00035.
The process may take a month.
Weekly Chart of Walton/Bitcoin on Binance
Summary of Strategy
Buy: As close to 0.00026 support as possible.
Target: 0.000305 and 0.00035.
Disclaimer: The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
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