AponSOKS1978

Rounded Bottom pattern idea for $WTC against BTC

BINANCE:WTCBTC   Walton / Bitcoin
This is a personal research and idea for investment. DYOR and TIT...

This is WaltonChain $WTC coin against BTC pair on a daily chart .

ABBREVIATIONS
Rounded Bottom (RB)
Parabolic Curve Theory ( PCT )
Price Action (PA)
BTC ( Bitcoin )
T/K (Tenkan/Kijun Blue/Yellow lines)
Sats . (Satoshis)

:::DISCLAIMER:::
This is a mid-term pattern that probably will develop exponentially growing price action as it starts to close. It fails to meet basic conditions to call it a PCT structure as is the lack of ranging on key Fibonacci levels and also not finding decreasing range action nor increment in impulse moves as it works its way up to close the RB.
As I'm looking at this chart and describing my idea I'm very conscious that events like news catalysts and BTC volatility can deviate it off its course and make price action wonder outside the confines of the pattern invalidating or at least demanding a reassessment of the idea.

TIME/PRICE PROJECTION
Pattern start: Late-Aug 2020
Estimated end: Mid-June 2021 (1 month from publishing)
Price tag at time of publishing: 3,524sats.
Expected price tag at end of pattern: 6,460sats.

Safe trailing take profit area: Recommended trailing take profit at 6,1sats.

TECH INDICATORS
Ichimoku indicators:
-Bearish moment with Kumo cloud suggesting a slow squeeze of Senkou Span A and B. No visible slope indicates possible consolidation period.
- PA inside Kumo, suggests a no trade situation momentarily.
- Bullish T/K crossup 2 days ago from this publishing.
- Chikou lagging span buried inside PA is bearish .
Parabolic SAR indicates bullish trend , but the majority of Ichimokus native indicators confirm otherwise.

PA has lacked to plot a new higher high therefore making this a high-risk trade IMO. There are a few bullish indicators suggesting that a drop and break out of pattern is still possible.

Trade at your own risk...

NEWS CATALYSTS AND BTC VOLATILITY
No major news upcoming this year related to coin.
Seems affected by BTC dips.

EXPECTATIONS
I expect a completion of the pattern if BTC doesn't pull PA out of pattern. If it does, this idea may need to be revisited.

FINAL NOTE
Drawing may need some minor adjusting as the pattern develops.

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