Gala Price Update – Still Bearish
WXY Correction:
Channel Dynamics:
Bearish Confirmation:
A close below 0.0342, followed by a backtest or direct collapse through the channel, signals further bearish bias.
Targets:
Technical Indicators:
An invalidation of my theory would be if price pumps and breaks above $0.040 this will require me to reconsider my bearish bias.
- Left chart confirms we're still in the WXY corrective structure.
- Right chart shows price movement in a channel without WXY lines.
Channel Dynamics:
- Price is oscillating in a channel, rejecting from the middle.
- Key Support: 0.0342, repeatedly tested and holding for now.
Bearish Confirmation:
A close below 0.0342, followed by a backtest or direct collapse through the channel, signals further bearish bias.
Targets:
- First Target: 0.02761 (786 Fib level).
- Second Target: 0.02449 (weekly support).
- Breakdown below 0.02962 (previous low) confirms a straightforward Y correction.
Technical Indicators:
- 4-hour timeframe is overbought, making it an ideal setup for a breakdown.
- Market may remain slow, but a sharper move down would align with current bearish momentum.
An invalidation of my theory would be if price pumps and breaks above $0.040 this will require me to reconsider my bearish bias.
Trade active
How irritating is it to watch price hover around $0.035.... JUST DROP ALREADY! haha
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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.