WANBTC - WANCHAIN - Time for a small bump in price?
Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
I don't typically keep an eye on WAN but I was alerted to it by a fellow friend of mine (Thanks Byz) and saw enough important points here I felt like I had to post my thoughts on it.
First lets pay attention to the orange trendline. That is the 30 day exponential moving average (EMA). You can see over and over how there was rejection at that particular level. In August, September, and in October it was able to break through it temporarily. Once it was able to break through, it got a clean rejection at the 75 day EMA.
We have officially been governed by the 50 day EMA recently all throughout 2019. We're finding some support at the 25 day and with so many other alts popping right now it would not surprise me one bit to see this one get a small move to the upside. The question, as always, is where will it stop.
First, we've got to close above the 50 day EMA before I consider opening a position. I can see our major resistance being around 925 which is based on the upside move back in January. Best thing you can do is take the trade on a clean break of 825 and once it hits 850, set a stop loss and let it go, moving up your stop conservatively every 5 or 10 sats or so.
As always, strict stop loss which I've adjusted to the daily low from today. It's about 3:1 odds for this trade.
Trade safely friends!
<3 -CE-
I don't typically keep an eye on WAN but I was alerted to it by a fellow friend of mine (Thanks Byz) and saw enough important points here I felt like I had to post my thoughts on it.
First lets pay attention to the orange trendline. That is the 30 day exponential moving average (EMA). You can see over and over how there was rejection at that particular level. In August, September, and in October it was able to break through it temporarily. Once it was able to break through, it got a clean rejection at the 75 day EMA.
We have officially been governed by the 50 day EMA recently all throughout 2019. We're finding some support at the 25 day and with so many other alts popping right now it would not surprise me one bit to see this one get a small move to the upside. The question, as always, is where will it stop.
First, we've got to close above the 50 day EMA before I consider opening a position. I can see our major resistance being around 925 which is based on the upside move back in January. Best thing you can do is take the trade on a clean break of 825 and once it hits 850, set a stop loss and let it go, moving up your stop conservatively every 5 or 10 sats or so.
As always, strict stop loss which I've adjusted to the daily low from today. It's about 3:1 odds for this trade.
Trade safely friends!
<3 -CE-
Trade active:
I'm not a big "targets" kind of guy but this trade is going very well.
