Update to my initial analysis on $GMT.
TLDR;
*GMT + GST Losing strength due to trickle down effect in the M2E category.
ie. people taking profits and rolling into other M2E projects to maximize profit potential on their "steps".
*General market strength has persons diversifying out to other tokens/ people taking profit.
*A question of sustainability. Can
GMT continue this rapid growth in this current market?
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Current short term price action is displaying one of my favorite momentum patterns where price rides a Moving Average onto support or resistance and then eventually breaks the level with volume; more or less known as an ascending or descending triangle.
Diagram to the left shows exactly how these usually play out. (This specific diagram is a reverse of the same pattern on 4/24).
For a short term trade/ momentum following, this seems to be an okay area to go short with a tight stop above recent highs and also the 21EMA.
There is potential for price to fall back to previous ATHs and also the 100MA and find support. In addition to the above, its also possible that price have an even bigger pullback to fill some price inefficiencies.
Refer to the posts linked below as I will be updating them as well, as time goes on. The linked video goes into detail on an intraday chart about the short term trend change on GMT & GST, which is the beginning of this current pattern.
TLDR;
*GMT + GST Losing strength due to trickle down effect in the M2E category.
ie. people taking profits and rolling into other M2E projects to maximize profit potential on their "steps".
*General market strength has persons diversifying out to other tokens/ people taking profit.
*A question of sustainability. Can
GMT continue this rapid growth in this current market?--------------------------------------------------
Current short term price action is displaying one of my favorite momentum patterns where price rides a Moving Average onto support or resistance and then eventually breaks the level with volume; more or less known as an ascending or descending triangle.
Diagram to the left shows exactly how these usually play out. (This specific diagram is a reverse of the same pattern on 4/24).
For a short term trade/ momentum following, this seems to be an okay area to go short with a tight stop above recent highs and also the 21EMA.
There is potential for price to fall back to previous ATHs and also the 100MA and find support. In addition to the above, its also possible that price have an even bigger pullback to fill some price inefficiencies.
Refer to the posts linked below as I will be updating them as well, as time goes on. The linked video goes into detail on an intraday chart about the short term trend change on GMT & GST, which is the beginning of this current pattern.
Note
Note
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Bullish case now:Daily Chart
4H line chart.
Note
With BTC breaking out of a small term TL, its likely we recover over the weekend closing the volume gaps.Note
Got this one wrong. I assume StepN would be able to take this strength throughout the day, but Im guessing due to the constant intraday pullbacks on BTC, price here is affected, and GMT is likely filling the most recent price inefficiency.Got stopped out of this trade w my SL under the POC. Gonna just watch from here til a more clear opportunity pops up, price is currently in no mans land.
Note
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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.