GALA / TetherUSLong
Gala Update: The Whales Have Bought
My analysis was doing well until the price failed to reach a new all-time high, rejecting at $0.4247, breaking through my diagonal support, and invalidating my prior technical analysis (TA).
What Happened
After adjusting my charts according to the new price action, I now see that the Wave 2 correction started as an A-B-C correction but transitioned into a Triangle Correction. Initially, I tracked this as a WXYXZ correction, which wasn’t entirely incorrect. However, I expected the market to reverse after the "Z" correction. Instead, we saw two additional impulses before the correction ended.
I have marked my invalidation lines on the charts for reference. To be fair I like this analysis more than my previous as if you have been following me it was always an issue that Wave C was truncated so this Triangle Correction actually fits much better - Lets see how it goes.
Analysis of Events
As the market dumped starting at 8:00 AM (AEST) over a five-hour period, approximately 1.556 billion contracts were traded. There was massive volume, over six times higher than Gala's usual trading volume. During this period, the price ranged between $0.03933 and $0.03165, indicating significant absorption.
Absorption Explained:
During this price consolidation, a substantial number of participants were selling off positions. Under normal circumstances, this volume of selling would push the market further downward. However, it didn’t. The reason? Large buy orders were absorbing the sell orders.
What we witnessed was the market dumping into a buying zone, where larger players were waiting to absorb the sell pressure. This indicates that larger market makers entered the market with the expectation that the price is heading upwards. When these players enter at such significant levels, it typically sets the stage for a bullish move in the near future.
Updated Technical Observations
Larger market players entering at these levels strongly imply an upcoming upward momentum. As always, patience and adherence to updated TA will be critical moving forward.
What Happened
After adjusting my charts according to the new price action, I now see that the Wave 2 correction started as an A-B-C correction but transitioned into a Triangle Correction. Initially, I tracked this as a WXYXZ correction, which wasn’t entirely incorrect. However, I expected the market to reverse after the "Z" correction. Instead, we saw two additional impulses before the correction ended.
I have marked my invalidation lines on the charts for reference. To be fair I like this analysis more than my previous as if you have been following me it was always an issue that Wave C was truncated so this Triangle Correction actually fits much better - Lets see how it goes.
Analysis of Events
As the market dumped starting at 8:00 AM (AEST) over a five-hour period, approximately 1.556 billion contracts were traded. There was massive volume, over six times higher than Gala's usual trading volume. During this period, the price ranged between $0.03933 and $0.03165, indicating significant absorption.
Absorption Explained:
During this price consolidation, a substantial number of participants were selling off positions. Under normal circumstances, this volume of selling would push the market further downward. However, it didn’t. The reason? Large buy orders were absorbing the sell orders.
What we witnessed was the market dumping into a buying zone, where larger players were waiting to absorb the sell pressure. This indicates that larger market makers entered the market with the expectation that the price is heading upwards. When these players enter at such significant levels, it typically sets the stage for a bullish move in the near future.
Updated Technical Observations
- Invalidation Lines: Clearly marked to reflect the failed reversal after the "Z" correction.
- Volume Spike: The 6x increase in volume during the sell-off confirms strong market participation.
- Buy Zone: The price consolidation at $0.03933 - $0.03165 demonstrates a critical accumulation phase.
Larger market players entering at these levels strongly imply an upcoming upward momentum. As always, patience and adherence to updated TA will be critical moving forward.
Note
As predicted, the wales sent the price up! Watch this thing explode people are literally shorting into this rise, which they will ultimately be liquidated adding creating a rocket ship.Note
Just a reference point the amount of shorts that have just opened up at around 0.03635 is rediculous, lets see if the get liquidated, it will result in a large impulse up.
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