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WAXP Daily Cup and Handle Forming

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WAXP appears to be forming a cup and handle pattern on the daily charts. Expecting to see a continued depression in trade volume as price gradually drifts down between $0.50-0.60. I'll begin looking for an entry around the RSI mid-line as I expect we'll see a bounce at that point unless RSI falls straight through the mid-line. The trade would be an entry between $0.50-0.60 with an exit target around $0.90 depending on momentum at that time.

注释

Trade active: The price of WAXP continues to follow the prescribed path for the handle portion of the pattern nearly making a perfect touch of T1 @ $0.6120 on Nov. 28th. I expect price to revisit this demand zone in the next day or two. Depending on the strength of the demand at this point we will either bounce off or we may continue down to T2 @ $0.4567 before moving back up to complete the formation of the handle before resuming price discovery above $1.

交易开始

Price has just touched the top of the blue buy window. I've entered the trade with a market buy and placed 10 additional, staggered limit orders within the buy window down to $0.50.

注释

Thanks to the BTC capitulation event over the weekend, WAXP (along with the rest of the market) took a hard dive. I'm not as crazy about the shape of the descent as I was last week but the price targets are still landing in approximately the right zones. I feel pretty confident, still, that the overall pattern is going to remain the same.