Wanchain, WANBTC Possible Cup & Handle and Wave 3 in The Making!
Wanchain (WAN) a distributed financial infrastructure coin powered by cross-blockchain smart contracts with privacy protection has become one of the more popular and good performing coins after their very successful ICO and listing on Binance.
Good team and project so you can't do much wrong with a Wanchain in your portfolio.
If we look at the chart, then we can also see an interesting development.
After a very nice runup and consolidation Wanchain, WANBTC had clearly broken out a Bull Flag pattern but found resistance around the 0.0008100 level to eventually fall back to around the 0.0007300 level.
This also happens to be close to the lower channel line WANBTC is in. So around the 0.0007300 area should give WANBTC a good level of support.
If we look further and use a little imagination we could see a start of a Cup & Handle pattern forming. And if we add some Elliot Wave theory into the mix, then we might see the start of a Wave 3 as well:
So a lot of signs that we can trade on for a short-term swing in WANBTC.
Levels to take a look at if you want to trade Wanchain, WANBTC:
Buy Area:
0.0007300 - 0.0007600
Profit Target:
1. 0.0008095
2. 0.0008498
3. 0.0008785
Stop Loss:
0.0007136
Remember you can use a larger stop or no stop at all if you believe in this coin for the mid or long term. This way you can just ride it out and don't have to worry to get stopped out and miss the swing.
This also accounts for the profit targets, if you believe in this coin, then you can just ride it out as long as you like or feel comfortable.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it! This is for good karma :)
And until next time, good luck with your trading!
Good team and project so you can't do much wrong with a Wanchain in your portfolio.
If we look at the chart, then we can also see an interesting development.
After a very nice runup and consolidation Wanchain, WANBTC had clearly broken out a Bull Flag pattern but found resistance around the 0.0008100 level to eventually fall back to around the 0.0007300 level.
This also happens to be close to the lower channel line WANBTC is in. So around the 0.0007300 area should give WANBTC a good level of support.
If we look further and use a little imagination we could see a start of a Cup & Handle pattern forming. And if we add some Elliot Wave theory into the mix, then we might see the start of a Wave 3 as well:
So a lot of signs that we can trade on for a short-term swing in WANBTC.
Levels to take a look at if you want to trade Wanchain, WANBTC:
Buy Area:
0.0007300 - 0.0007600
Profit Target:
1. 0.0008095
2. 0.0008498
3. 0.0008785
Stop Loss:
0.0007136
Remember you can use a larger stop or no stop at all if you believe in this coin for the mid or long term. This way you can just ride it out and don't have to worry to get stopped out and miss the swing.
This also accounts for the profit targets, if you believe in this coin, then you can just ride it out as long as you like or feel comfortable.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it! This is for good karma :)
And until next time, good luck with your trading!
Trade closed: stop reached