Short term play for $WTC ABC could turn into 1-5

BINANCE:WTCBTC   Walton / Bitcoin
1045 0
Our trader group is focussing on short term plays in alts these weeks.
The bigger picture is a downtrend and doing some bounces right now which still give very nice profits. Because of this downtrend, we look at ABC moves who might eventually turn into 1-5 cycles. For now ABC as a correction in the bigger downtrend.
Strong advice to play these moves cautiously, the past months have shown how important Risk Management is.

For WTC we are looking for a completion of this ABC towards the red box. Once red box is reached (top of downtrend channel ), we will check the moves to see if it is a correction or the start of impulsive moves down.
Looking at the daily we see a nice bounce from the green zone and a bounce of the red horizontal level but I think we will crack that level.

On 240 the ABC is shown.

On the 1hr you can see it broke out from the earlier correction which formed the bigger B leg.
It started moving up, followed by another correction (in a bullish pattern ). It just broke out of that pattern, indicating next leg up has started.

As usual after such a Break Out you can expect a little pullback (retest) and thats where you should look for an entry. Once retested and moving up again, you can enter the trade, aiming for a 25-30% profit which is not ground breaking in crypto but in these market conditions a nice play.

More info about break out trading in the link below.
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