I am currently watching this short-term GALA downward trendline waiting for some sign of a break out before entering a long position. This will most likely be confirmed or cxled in a couple days to weeks depending on Bitcoin's price movement. Lowest entry could lead to a quick 55% spot gain. Set your alerts. This would be a continuation of the long-term trend breakout which I posted about previously.
Note
We are currently testing the downward trendline and setting up for a possibly explosive breakout.Note
With the rest of the market we are still trending down, but trend are meant to be broken. The downward trendline cant last forever. Like this post and I will keep you updated when it retests again!Note
We have broken out of our downtrend and a complete break out can send us back to $0.08. However, keep an eye on overall market sentiment which could freeze this move in the making. Bitcoin is making a head and shoulders pattern and could be due for a little dump.Note
GALA went up ~31% at peak breakout (for now) and is currently still up ~25% since the breakout began. GALA is showing strength as Bitcoin accumulates and I expect the price to keep pushing higher if the market overall finds some footing. We are 25% away from reaching out TP goal.Note
GALA is currently trading between 0.544-0.59. At this moment, it is sitting in the middle of this consolidating range, which also happens to be a key resistance/support level at ~0.57. If we break down from this range, like the last move, we can potentially see a dip down to ~0.47. If we can breakout of this range, we might see a surge back to ~0.64, which is the next accumulated resistance.Our entry is right around the current level. I still expect GALA to be a top performer this run in the medium to long term. However, the next move will largely depend on what BTC and ETH can do over the next week.
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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.