GALA / TetherUSShort
Gala Price Update – Still Bearish
Updated
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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