WBT is a utility token of the largest European cryptocurrency exchange, WhiteBIT. The platform was established in 2018 and has already become one of the leading crypto exchanges with 3+ mln users worldwide.
They launched their token on August 22 (this month).
As the price is developing we can see that the first pattern that is taking shape on the 4 hour time frame is a "Cup and Handle Pattern".
This is a bullish pattern now showing that the price has a very high potential for the next bullish wave.
I am keeping conservative targets for the time being for the 3-rd wave development of the Elliot Wave but it can also extend up to the 5-the wave and to complete probably higher than the 5-th wave that I have pointed out on the chart.
However considering the increase of the volume that the token should have, considering that it is very new, the price should rise faster during the coming days.
Thank you and Good Luck!
Types of Cup & Handle Pattern When The Cup & Handle Pattern is completed in a Bullish Trend it is classified as a "Bullish Trend Continuation Pattern"
When The Cup & Handle Pattern is completed in a Bearish Trend it is classified as a "Bearish Trend Continuation Pattern"
Targets A minimum profit target for this pattern is the measured distance between the bottom and top of the cup. This distance is added to the price in the sharing area. This is the minimum profit target that applies to this model and we should know that the price may also continue the movement of the major trend.
For more details check the idea below:
How is The Cup & Handle Pattern Formed And Traded?: