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The Wanchain / Bitcoin pair (WAN / BTC) fell to 0.0000971 on 14 August 2018. At that point, the rise was down more than 90% compared to the maximum of 0.0010753 of this & # 39; year of May 3rd.
While this may seem scary to many retail investors, it's actually a good idea to be a contrarian. WAN / BTC has lost so much over a three month period that probably bears should be exhausted. This is what we are seeing right now.
Technical analysis shows that WAN / BTC exceeded the resistance of 0.000145 on August 25th. This triggered the break from the big fall wedge on the daily chart. It seems that the fall at 0.0000971 has attracted fundraisers and bargain hunters. This has helped the market to gather the volume and momentum needed to definitively reverse its trend.
Speaking of volume, WAN / BTC recorded an extremely high volume one day after the breakout. The pair did not reach that volume level on the daily chart since April 13, 2018. This tells us that the upside sentiment is back. Participants are buying now as they expect significant short and long-term profits.
Finally, Wanchain / Bitcoin also broke the RSI resistance of 44. This level has maintained the bear market since May. The RSI wave is another indication that momentum favors bulls.
The strategy is to buy as close as possible to 0.000145. Wanchain / Bitcoin is creating a candle with a shooting star that suggests bottom pickers are making profits. This should give you the chance to buy the dip.
As long as the market exceeds 0.000145, WAN / BTC will probably have the necessary momentum to reach the target of 0.0003.
The process may take a month.
Wanchain / Bitcoin daily chart on Binance
At the time of writing this article, the Wanchain / Bitcoin pair is trading at 0.0001855 on Binance .
Strategy Summary
Buy: As close to 0.000145 as possible.
Target: 0.0003
Stop: 0.000135
Disclaimer: The writer has bitcoins, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out short-term or day trading activities.
Featured image courtesy of Shutterstock.
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