Potential Walton Chain Bottom

in cryptocurrency •  2 months ago

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Traders using the Elliott Wave theory, trying to spot a bottom, look for a 5 wave pattern with a certain fib structure, and that takes out resistance levels we mark as price declines. We have that potential in Walton Chain (WTC), but need to see more work. I now want to see WTC hold $3.73 then move into the $6's. At that point, I'll call it five waves, and will look for a retrace to enter. Most coins I watch are looking for one more low in this bear market, yet perhaps, WTC wants to poke its head over water. If it 'fills' this out, I'll start to put it in the short term trade category which right now is full of short positions- a rare long, as this bear market is still roaring.

I have long term outlook as shown. However, I see some structural issues in its history that put me in the cautious camp regarding whether this is likely to play out.

WTCUSD - Primary Analysis - Aug-31 0709 AM (45 min).png

WTCUSD - Primary Analysis - Aug-31 0713 AM (1 day).png

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Thanks for sharing Ryan. Your work is appreciated. Have you looked at the long term Cardano chart recently. Nice waves up, extended 5th, deep retrace. It looks like a decent candidate to reach $10 in the coming years. Any thoughts on it?

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Yes it's on our bullish list and I have targets. I don't see a clear bottom in yet. Maybe I'll post in the future. I ration no more than one post a day to the non-subscribing public but I'll keep it in mind.

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