GALA / TetherUSLong
Is GALA Ready to Reverse?
Updated
So, yesterday we closed a daily candle under $0.034 finding support on a daily support level of $0.03221. Whilst I may not catch the exact reversal point, I do believe that we are in the final stages of an ABC correction and a reversal is on the horizon -
Here are my reversal points of interest -
1. We could reverse from here or;
2. We could dip down to $0.3038 before reversing or;
3. We could drop down to weekly support at $0.02720 before reversing.
I personally think points 1 & 2 will play out for the reasons in previous charting comments. Whatever happens, I think the weekly candle will end up closing on or above the 0.786 fib level ($0.034 or above). If the weekly candle closes below $0.034 I might become a little concerned.
I have given reversal point (3) as an option as this is the technical target for the breakdown out of the triangle correction as a possibility. Sometimes expect the un-expected, although I think that this is unlikely but not impossible - this is crypto.
Either way a few days ago I said when the price was $0.034, I said that this is the worst place to leverage for this reason. I will wait for the weekly to close out.
Here are my reversal points of interest -
1. We could reverse from here or;
2. We could dip down to $0.3038 before reversing or;
3. We could drop down to weekly support at $0.02720 before reversing.
I personally think points 1 & 2 will play out for the reasons in previous charting comments. Whatever happens, I think the weekly candle will end up closing on or above the 0.786 fib level ($0.034 or above). If the weekly candle closes below $0.034 I might become a little concerned.
I have given reversal point (3) as an option as this is the technical target for the breakdown out of the triangle correction as a possibility. Sometimes expect the un-expected, although I think that this is unlikely but not impossible - this is crypto.
Either way a few days ago I said when the price was $0.034, I said that this is the worst place to leverage for this reason. I will wait for the weekly to close out.
Note
Please do not trade of my theories, they are just theories. My theories are based on swing trading higher time frames (Daily/Weekly/Monthly), not day trading (minutes/hours).
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