IdeasTrading1

WanChan Update - Does it have gas? Possible reset in order

BINANCE:WANBTC   Wanchain / Bitcoin
-Wanchain 3rd wave complete.

-5th wave always uncertain, but fomo is strong. Bad setup for new trades right here.

-MacD dangerous, RSI is looking like it has had 3-4 elliot waves down. A full reset would have it have one more fifth wave down and move sideways. This would be a good confirmation signal.

-Bouncing of EMA

-Has run hard and quickly, wave 2 retrace was deep so wave 4 understandably would be more shallow.

Trend analysis sentiment is therefore very neutral. But risk is 5/5.

It is a hard trade to take at these levels. If BTC confirms a move above 715, Wan is likely to run a target of 57 but then see a v forceful correction of around 10-20%

If you are taking the trade at 54, a stop loss should be set a 5k. This makes the RR almost 1:1. Making it a very bad trade to take at these levels.

Therefore, if you are desperate to buy (for short term investors) portions can be bought but NEVER your full trading size with a RR such as this. I would personally ladder down.

MACRO TARGETS FOR PEOPLE WHO GOT IN EARLY REMAIN AT 58-6K.
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