After 3 months (March-June) of chop, WTC/BTC has now been in a 2 month downtrend.
This downwards channel has had one previous pattern, with a quick breakout resulting in ~25% profit.
We are now at the convergence point of another pattern and we see an opportunity to buy here at the support and sell in a few days for a potential ~20% or so profit.
- Price at base/climax of
- and are oversold on the daily
- seems to be picking up since we started the downtrend
- Possible on the
Uncertainty Leading up to August 16th
However this is still a high risk play, especially because Waltonchain announced on their Telegram AMA that on August 16th they are airdropping WTC tokens to WTCT miners. This could mean that once they receive these free tokens they will dump to recoup their mining costs. I have seen angry posts about this on Reddit and Telegram so it's possible that leading up to this people could dump out of frustration/distrust, invalidating our pattern.
- Set buy at 0.000477
- Consider buying some now or if it does break above 0.00052 resistance
- Stop at 0.00046
- Sell half at 0.00058 and possibly wait to see if it breaks above the resistance
Price hasn't bounced from the climax of the falling wedge but is hugging the support line of this 3-month downward channel. Might be a good idea to buy more now in the 0.00041 or 0.0004 range, and sell when it bounces up towards the middle of the channel. Definitely a risky move though, especially with the Aug. 16th airdrop coming up.