GALA / TetherUSShort
The final drop before alt season starts? lets see!
Updated
To be fair, this could go either way. But we may have just put in Wave X its a bit early to tell, but I think we might see a move down into the Z wave pattern.
I’ve been talking about a potential Bitcoin drop for a little while, its always been in the back of my mind. Anyways, the momentum indicators have aligned that could suggest that we might get that drop. On both the Daily and 4-hour charts, the stochastic RSI has turned bearish. However, the Weekly stochastic RSI is on the verge of a bullish crossover, which is why this could go either way. This scenario mirrors what’s happening across many altcoins, including Gala. There is also bearish divergence on the 4-hour charts marked above, however take this lightly as the previous high was only marginally above the previous high but it does show a loss of momentum.
My Theory
If we drop here this would bring the Daily RSI down to the oversold zone, potentially aligning perfectly with a bullish crossover on the Weekly RSI. I am hoping that we might witness a collapse in Bitcoin dominance as well, which would formally indicate alt season.
This is a bold prediction, so let’s see how it unfolds.
Key Confirmation
I’m watching for a clear 4-hour candle close below the 26-day EMA (approximately $0.04181). If this happens, it would strengthen my confidence that the Z wave is playing out as anticipated.
I’ve been talking about a potential Bitcoin drop for a little while, its always been in the back of my mind. Anyways, the momentum indicators have aligned that could suggest that we might get that drop. On both the Daily and 4-hour charts, the stochastic RSI has turned bearish. However, the Weekly stochastic RSI is on the verge of a bullish crossover, which is why this could go either way. This scenario mirrors what’s happening across many altcoins, including Gala. There is also bearish divergence on the 4-hour charts marked above, however take this lightly as the previous high was only marginally above the previous high but it does show a loss of momentum.
My Theory
If we drop here this would bring the Daily RSI down to the oversold zone, potentially aligning perfectly with a bullish crossover on the Weekly RSI. I am hoping that we might witness a collapse in Bitcoin dominance as well, which would formally indicate alt season.
This is a bold prediction, so let’s see how it unfolds.
Key Confirmation
I’m watching for a clear 4-hour candle close below the 26-day EMA (approximately $0.04181). If this happens, it would strengthen my confidence that the Z wave is playing out as anticipated.
Trade closed: target reached
Wave Z confirmed.
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