Trade Recommendation: Walton
Walton (WTC/BTC) looks ready to start a strong bull run. The market had been in range accumulation for over four months. During this period, Walton range traded between 0.00026 and 0.00033. Recently, the market escaped sideways trading. This is the reason why we are strongly considering Walton.
Technical analysis shows that WTC/BTC has taken out range resistance of 0.00033 on March 28, 2019. This triggered the breakout from a double bottom pattern on the daily chart. The breakout sent the market to as high as 0.0004098 on the same day.
While the breakout rally was less than stellar, the volume printed on the day of the breakout caught our attention. On March 28, the market generated volume of 6.809 million Walton units. Looking at the Binance chart, this is the market’s largest daily volume in over a year. This is a strong indicator that suggests that demand for Walton is high at current price levels.
Also, technical indicators are lining up to show bullishness. First, we have the 200-day moving average (MA) gliding below the candles. It is finally acting as support after a year. On top of that, the 50-day MA is about to cross above the 100-day MA. This golden cross supports our assertion that the market is turning bullish.
The strategy is to buy on dips close to 0.00033 support as possible. The market is flashing overbought readings, which is why a pullback should be expected. Nevertheless, as long as Walton stays above this level, there’s a very good chance that it will rally to our targets of 0.000433 and 0.00056.
The process may take a month.
Weekly Chart of Walton/Bitcoin on Binance
As of this writing, the Walton/Bitcoin pair is trading at 0.00035 on Binance.
Summary of Strategy
Buy: As close to 0.00033 support as possible.
Target: 0.000433 and 0.00056.
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.
Featured image courtesy of Shutterstock.