Be careful with WTC - don't buy the ATH
Updated
WTC has so many bearish signals right now I don't even know where to begin.
Then there's the elliot wave analysis, which pretty clearly shows a retrace must be imminent.
Even if you dont believe ANY of that, simple trendline analysis shows that a return to the lower trendline will occur at some point.
If you're buying this... stop.
- Volume divergence. WTC is rising on decreasing volume.
- RSI divergence. WTC rising despite weakening RSI.
- MACD divergence. WTC rising despite weakening RSI.
Then there's the elliot wave analysis, which pretty clearly shows a retrace must be imminent.
Even if you dont believe ANY of that, simple trendline analysis shows that a return to the lower trendline will occur at some point.
If you're buying this... stop.
Note
Whoops, that should say ABC retrace, not 4 wave.. obviously :)Note
Well that certainly didn't take as long as I expected... I thought it might float sideways or continue up for abit before actually collapsing.Either way, hope everyone got out in time!
Note
Even on the big news that WTC had today it still didn't generate much volume and didn't even match its previous high (unless something changes). Just another bear sign.Note
Continuing like clockwork. Traders should look to rebuy WTC around the 25K mark for the next leg up.Trade closed: target reached
Pattern complete!Now you can look to go long again, especially since a somewhat inverted H&S is forming. WTC is worth keeping an eye on for sure
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.