LONG position initiated based on completion of ABC correction pattern.
Technical Analysis of Momentum Indicators
All momentum indicators are showing signs the correction is over and now have a bullish bias.
Price Targets
Trading Plan
Maintaining LONG position based on convergence of bullish indicators, monitoring price action until the stochastic RSI reaches the overbought region on the daily at which point I will review price action for potential reversal.
Medium-term analysis and price projections to follow in subsequent idea.
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Technical Analysis of Momentum Indicators
- RSI currently at 57, indicating favorable buying conditions
- Stochastic RSI (Daily):
- Currently in oversold territory, with bullish signal forming with K line approaching D line crossover
- Rate of Change (ROC) positive (above 0), confirming bullish momentum
All momentum indicators are showing signs the correction is over and now have a bullish bias.
Price Targets
- Short-term target zone: $0.12078 - $0.13126
- Based on 1.618 Fibonacci extension level ($0.12078)
- Monthly resistance level ($0.13126)
Trading Plan
Maintaining LONG position based on convergence of bullish indicators, monitoring price action until the stochastic RSI reaches the overbought region on the daily at which point I will review price action for potential reversal.
Medium-term analysis and price projections to follow in subsequent idea.
If you like this idea please like, and follow if you would like to receive further updates on GALA
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.
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.