Trade Recommendation: WAX
This trade recommendation is setting up quickly and requires prompt attention
With the newly listed coin at Bittrex less than 2 weeks ago, it’s time to take a look at WAX on the charts. It appears the Worldwide Asset Exchange has put in a bottom. The trendline extending back to Feb. 21 shows a gradual upturn and the Daily Pivot Moving Averages are flattening out prepping for a turn back up.
With the much heralded coin release 10 weeks ago the timing could not have been better for a monster spike and now it has come back down to reality.
The Daily Pivot Range (blue dots) are current near term resistance. At the time of writing this is testing the Pivot high. Look for a close above these levels for confirmation the market has turned its bias to the buy side.
The action to take is to place a buy order to enter the market long if the market closes above the Daily Pivot Range high on a 60 minute chart at .00003120.
Place the stop loss below the recent swing low and the profit target stated below.
Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade. Keep in mind the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade.
Entry Price: .00003120
Stop Loss: .00002875
Profit Targets: First profit target .00003935. Second profit target .00005900. Once price reaches the first profit target raise the stop loss to breakeven and let the balance of the position play out. Look to trail a stop loss approximately .00000350 back as the market moves higher or stalls.
Disclaimer: The writer owns WAX, 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.