GAL/USDT - symmetrical triangle with up to 70% upside potential
Updated
GAL/USDT is currently consolidating inside a symmetrical triangle inching closer to a breakout and the current price action makes me fairly confident in a move to the upside.
Since this is a new listing there's not a lot of price history to go off but with a current marketcap of $220 million only ranked at #232 on CoinMarketCap there's solid upside potential.
First and main target of this trade is at around $8.50 which also marks the key resistance that needs to be broken in order to fully take off.
Second target is between $11-$12, the level that the first bounce attempt got rejected at.
If it gets rejected on the first attempt at the key resistance we can expect it to come down to the upper trend line of the symmetrical triangle for a re-test.
This could provide a decent re-entry point but we'll have to wait and see how the chart comes along, make sure support holds before buying.
Either buy the breakout of the symmetrical triangle (less risk in case of a pattern failure) or build a position while it's still forming the pattern (more profit potential at the cost of potentially getting stopped out in case the pattern breaks down).
Consider using a stop loss slightly below the triangle so you don't get stuck if this setup gets invalidated.
Best of luck and let me know what you think!
Since this is a new listing there's not a lot of price history to go off but with a current marketcap of $220 million only ranked at #232 on CoinMarketCap there's solid upside potential.
First and main target of this trade is at around $8.50 which also marks the key resistance that needs to be broken in order to fully take off.
Second target is between $11-$12, the level that the first bounce attempt got rejected at.
If it gets rejected on the first attempt at the key resistance we can expect it to come down to the upper trend line of the symmetrical triangle for a re-test.
This could provide a decent re-entry point but we'll have to wait and see how the chart comes along, make sure support holds before buying.
Either buy the breakout of the symmetrical triangle (less risk in case of a pattern failure) or build a position while it's still forming the pattern (more profit potential at the cost of potentially getting stopped out in case the pattern breaks down).
Consider using a stop loss slightly below the triangle so you don't get stuck if this setup gets invalidated.
Best of luck and let me know what you think!
Trade active
Note
Comment: The symmetrical triangle unfortunately broke to the downside but it's starting to look like the breakout simply got delayed by two days as it's currently working its way through the downtrend resistance.Next resistance is at around $6.70 - $6.80.
If you wanna approach it safely, wait for it reclaim the dashed uptrend first before entering and for an aggressive entry the current zone looks decent:
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