Walton is looking like it may be getting ready for a upside breakout from it's consolidation pattern. Price bounced off the bottom of the descending triangle, which also represented a support area and the 50% Fibonnaci retracement area. Supporting the bullish view is the narrowing MACD below the 0 line and the CCI also turning up below the 0 line
The entire consolidation has been on low volume - also a bullish sign.
If price breaks out strongly above 00235 cents look for an initial target of around 0055 cents - a return of above 100%.
Abandon the trade at around 00198-00175 cents - which is acting as a support level. This would also signal a continuation of the downtrend.
The entire consolidation has been on low volume - also a bullish sign.
If price breaks out strongly above 00235 cents look for an initial target of around 0055 cents - a return of above 100%.
Abandon the trade at around 00198-00175 cents - which is acting as a support level. This would also signal a continuation of the downtrend.
Comment:
Walton has broken out (on a day where the rest of the crypto market is down 10%). The trade can now begin!
Volume is huge, which is very bullish.
Place a stop below the breakout area at around 0.0019.
Target is 0.0038
Volume is huge, which is very bullish.
Place a stop below the breakout area at around 0.0019.
Target is 0.0038
Comment:
Unfortunately market sentiment has resulted in price falling back within the consolidation pattern, even though Walton held on strongly during the first day of carnage and remained above the stop trigger.
The stop was triggered today for conservative traders. If you are happy to take on more risk, you can remain in the trade with a stop below the consolidation pattern at around.012. This is a LONG way down and will see a big loss if triggered. That being said, cryptos are extremely volatile so this sort of risk is pretty inherent if you are investing in this stuff.
The stop was triggered today for conservative traders. If you are happy to take on more risk, you can remain in the trade with a stop below the consolidation pattern at around.012. This is a LONG way down and will see a big loss if triggered. That being said, cryptos are extremely volatile so this sort of risk is pretty inherent if you are investing in this stuff.
Comment:
Comment:
Walton attempted another breakout today, however, I expect a high risk of failure as the volume is just not there. I also suspect we will soon be morphing out of the downtrend and into a sideways consolidation.
The initial area where price looked like it was going to break out (1) failed and price has fallen to the bottom of the falling wedge again (2). The fact that price has respected this level is bullish.
The potential trade remains, but our levels need to be recalculated.
The breakout level is now at 0.0021 and the stop loss is at 0.0015