Continued sell off, Short term potential but I'm not going long

17 mar 2018

As you can see from the chart WTC is continuing to loose value. We had a nice ABC retracement last week that netted some nice trades for me but the more I look at this chart the more bearish it becomes. You can see right now we are completing wave 5 of what appears to be the first wave down toward the 79000 sat level. That level would be a good level for a reversal but we would have to see overall market sentiment change for me to take a long position there.

In the short term I believe WTC will offer some short term trading opportunities and believe one is setting up right now. I can tell you from experience trading this coin that the 5th wave likes to extend and have seen it go as far as the 4:618 in retracements, so I take extreme caution when entering a trade on this coin and prefer to catch the B wave on an over sold bounce. Speaking of over sold check out the RSI looks to be ready to give a double confirmation for a trade.

Thanks for taking a look, as always these are my ideas for my trade setups and should not be taken as advice for your trades. Good luck traders. Any feedback is always welcome.