GAL Technical Analysis After breakout
GAL has broke out of the triangle pattern on chart a few days ago, and has recently broke out of the bull flag, due to a strong trendline(blue in chart). However There is a resistance at the $3.400 area, and GAL will need to break this to continue the new move.
The RSI has a bullish Divergence from a few weeks ago. An interesting thing is also an RSI ATH in the 4H chart. The 9 EMA has been trailing nicely in the past candles except when price fell back to the blue support. The breakout volume is strong in lower timeframes, although not in the 4H timeframe as of the moment.
A good first TP when Long will be at the 0.236 Fib at $3.625, then the next TP will be at $4.000, a "milestone number". Stop loss will be at $2.800-$3.000. You can also short the resistance, although you may be going against the trend. If you intend to trade this, please do your own analysis first.
If bitcoin continues going sideways/breaks out, the likelihood of this hitting the TP is stronger.
Again, do your analysis first when trading, and have a good day.
The RSI has a bullish Divergence from a few weeks ago. An interesting thing is also an RSI ATH in the 4H chart. The 9 EMA has been trailing nicely in the past candles except when price fell back to the blue support. The breakout volume is strong in lower timeframes, although not in the 4H timeframe as of the moment.
A good first TP when Long will be at the 0.236 Fib at $3.625, then the next TP will be at $4.000, a "milestone number". Stop loss will be at $2.800-$3.000. You can also short the resistance, although you may be going against the trend. If you intend to trade this, please do your own analysis first.
If bitcoin continues going sideways/breaks out, the likelihood of this hitting the TP is stronger.
Again, do your analysis first when trading, and have a good day.
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