While flipping through some charts this morning I came across a breakout pullback setup in WaltonChain (WTC) that may be of interest to some:
Going back all the way to September (about 6 months), the level around 15000 Satoshi (indicated by the light blue line) has been highly influential as a reversal level.
Zoomed out on a 4-hour timeframe (still 6 months), note the number of times price has bounced and respected either support or resistance around 15000 Satoshi.
Now looking at the price action for April on a 1-hour timeframe, notice how 15000 Satoshi has acted as resistance since the beginning of April, often actually breaking the level and pulling back prior to the close of the candles, creating pinbars.
However, price broke out above this level last night and closed above it (see purple box). Since then it has formed several pinbars off this key level (light blue line), indicating it may be pulling back before moving higher (as the role reversal level is now serving as support).
If a bullish move does unfold, prior resistance levels around 17800 Satoshi may be in the cards. Buying now (price is currently at ~15150 Satoshi at the time of this writing) would yield about a risk:reward of about 4:1 and a return of about 17%.
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All of the charts found in this article were created in TradingView by me.
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NOTE: the data in this article is based off the data for WTC/BTC provided to TradingView from Binance
Legal Disclaimer: This blog post only represents my opinion. I am not a financial advisor and the content of this article is not presented as financial advice. Use the provided information and opinions at your own risk. This post, along with any other post on this blog, should be used for the purposes of information, education or entertainment. It should not be considered financial or investment advice of any kind. Although the information provided is accurate and true to the best of my knowledge, there may be omissions, errors or mistakes.
