WTC - My Love/Hate Relationship

4 Nov 2018

Well, well, well. The one coin that I've sold and rebought a number of times due to FUD and my personal annoyance with their marketing efforts. HOWEVER, that doesn't stop this from being a good trade setup. I am at a net loss on this coin, but I added a bunch more at the 39000 satoshi level, after seeing a clear bottom happening on August 13th, 2018. I added a few coins on that day, because it seemed like a great buying opportunity. I also added a bit recently at 49000 with some BATBTC profits.

Since then, WTCBTC seems to have formed a "classic" Adam & Eve double bottom. The Adam (pointy) bottom had a huge rejection, that took it all the way up to 80K sats, only to lose steam and form a more rounded (Eve) bottom. Looking at the chart we have today, it seems like WTCBTC just bounced off its short term uptrend line. RSI still seems a little high though, so our bottoming could extend for a bit longer. If we hold above 50000, we should see a move up from here. If not, as I said, the bottom will extend further, and there may be another buying opportunity near strong support at 41000. These scenarios are shown in Orange and Maroon.

Another thing to note is that there was a lot of coordinated FUD on this coin recently. Since the FUD abated, the coin has been on a steady rise. Doesn't seem like a coincidence to me. Anyway...

BUY Targets:
41000-42000
49000-52000 (STOP LOSS below 49000)

SELL Targets:
80000
100000
150000 - Will likely redistribute my portfolio a bit here, if it makes it.
All time High+

This is not investment advice, nor am I a qualified professional financial advisor. This is just another one of my long term setups, for personal use, and for people to follow along with the trade.

-Victor Cobra

5 Nov 2018

Nota

Might break sideways/down back to a lower support zone for now. Seems to be dipping under the blue line. Good chance for the RSI to reset. 46000, 44000, and 41-42000 are all great supports.

5 Nov 2018

Nota

After breaking down from my blue trend line, WTCBTC has been dropping as expected. RSI is nearing oversold. Our recent top contained a bearish divergence, so this drop makes sense. We should see a bit of a bounce now, but it might not be able to sustain much above 50k satoshis before falling down. The 46k area is a good support convergence zone, as you can see on this snapshot:

6 Nov 2018

Nota

Here comes the bounce. As I said, could be short-lived.

6 Nov 2018

Nota

instead of really bouncing, we've just been consolidating in what seems like a bear flag with a target of around 4600. That would be a pretty decent long entry, as I mentioned above (converging support). Watch to see if we break up or down.

8 Nov 2018

Nota

Getting close to the buying zone.

8 Nov 2018

Nota

Hasn't QUITE reached the support I was hoping for yet. It could still drop a little further, but now might be a good place to start laddering in buys, if you've been wanting to get in for long term on this coin.

9 Nov 2018

Dagangan aktif

Bought a little here for a quick trade. Might exit if it doesn't go anywhere soon.

9 Nov 2018

Nota

Sitting on converging horizontal and diagonal support. If it breaks down, it'll probably head back to the 4100-4200 accumulation area.

10 Nov 2018

Nota

We ideally want to see a new higher low (since we recently formed a higher high in our current range). Waiting to see if we bounce from this support.

10 Nov 2018

Nota

Mr. McBouncy time. Hopefully we can stay back above that diagonal support (briefly broken). If we sustain, I will look for targets to take profit for my trade. Probably in the 4900-5000 area, but this thing has potential to go way higher, if the market allows for it.

10 Nov 2018

Nota

Need to hold here and push above 4800 soon. If we can't do that, the next support is around 4350, then 4100.

11 Nov 2018

Nota

So far, so good with this trade. WTC hasn't been super correlated with the rest of the market of late (its recent pump to 5500 actually happened when many other cryptos were dropping). There is a lot of buying going on in the 4600 area, as it has proven itself to be pretty good support. If it continues to hold, this will be a mid-term higher low after a higher high, which is a bullish signal. Then I will look to take profit for my trading stack around 5700-6000 (new possible higher high). On the bearish side of things, we haven't really bounced much. Just accumulating in this support zone for a move. If we break below 4600, I will probably close my trade and rebuy at 4200 or so.

12 Nov 2018

Dagangan ditutup: hentian tercapai

Went below 4588, which was support. Looks like we might be headed lower. Of course, this could be a fakeout to the downside, but I'm just practicing reducing risk with this small trading stack. Still holding most of my WTC.

12 Nov 2018

Dagangan aktif

Back in at 4521. Determined to catch a nice wave on this coin ; )

13 Nov 2018

Nota

Bad entrance. Should've stuck to my original plan and quit trading in this current sideways/down market.

13 Nov 2018

Dagangan ditutup secara manual

I'm going to stop posting my trades, as it makes me a little nutso. Much more fun for me to just update TA on each coin as time progresses. That way I stay less biased.

13 Nov 2018

Nota

Looks like we are down in the 4200 area, as I originally forecasted after the breakdown below 4588-4600. I would look for buys between here and 4100. If 4100 fails, we will be back down to all-time-lows. However, it seems more like this is a market-wide accumulation/capitulation move that has been affecting many alts. As I have been saying in most of my analysis updates recently, it seems like we're in for a prolonged sideways market, with many alts sliding back to their lower supports. From there, a very slow, steady, uptrend should begin. This is not a trader's market right now. This is a buying opportunity, plain and simple.

14 Nov 2018

Nota

4100 broke. Either this is the final capitulation, or this will be a long road to recovery for this coin. I'm glad I exited my trading position at 4500, but I'm still invested. Will not be adding any more fiat to this particular project since it looks very weak long term at this point. Now to play the patience game.

15 Nov 2018

Nota

Struggling to bounce, unlike other alts. Shows very little demand. May consider dropping this from my portfolio (as I have considered in the past, but always held on). Sell volume has increased dramatically. The next support area is in the 3100 zone, but that might not even hold if the market continues to drop, since we have formed an inverse cup and handle pattern. If we get back above 4200 soon, I may change my view.

20 Nov 2018

Nota

Made it down to the 3100 area as expected. Failed to bounce so far. This coin has continuously shown weakness. At this point, I don't think it would be worth much for me to drop it from my portfolio (lost that chance a week ago). It will just be a waiting game with this coin. Either they deliver, or they don't. If 3000 breaks, it's pretty much a bottomless pit, as it will probably go down to at least 2000. This area was a good demand zone last time, but it's not really showing much strength yet. It's also made a new low in USD value.

26 Nov 2018

Nota

Still dropping. Not much else to update. Other alts are showing some buying pressure, but Walton is not. If this coin makes it out of the bear market and paints new ATH's in the future, holders will surely be admired. There's a strong possibility that this coin dies out, given price action. One of the alts to make new lows on the BTC ratio since August.

26 Nov 2018

Nota

Definitely a good time to buy though, if you still believe in the project. Patience will be absolutely necessary with this high-risk asset.

31 Dis 2018

Nota

Small update. Looks like Walton is trying to form another bottom in this lower area. I'm still skeptical of it long term, given its price behavior. I'm not selling my stash, but I don't feel that comfortable adding any either.

31 Dis 2018

Nota

WTC has a long way to go before it starts to look bullish. Firstly, it needs to break out above the 4000 zone with conviction, which is another 30% gain from here. Walton is definitely capable of some pretty insane pumps though, as we saw last year.