GMT; Where is the Bottom?
Updated
Hello Traders! CTDave here again with another daily price analysis chart.
Today I will be analyzing GMT, a coin that has produced a lot of attention to itself. Many might have generated lots of profit from it, and others might have lost a lot during its’ crash because of the China ban. You might ask “Where is the bottom?” and a possible answer lies down below
As you can see, there is a strong resistance level (marked with a “Resistance” bubble), and GMT is almost at that level. The red arrow shows how I expect the price to move. The RSI also shows that GMT is almost overbought which shows that it’s going down. Now, if the price retraces when hitting the $1.05 level, we know that the price might follow the blue arrow. If it tanks lower, then upon reaching the $0.85 level, it might either go up (orange arrow) or continue down (green arrow).
Thanks for reading!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
Today I will be analyzing GMT, a coin that has produced a lot of attention to itself. Many might have generated lots of profit from it, and others might have lost a lot during its’ crash because of the China ban. You might ask “Where is the bottom?” and a possible answer lies down below
As you can see, there is a strong resistance level (marked with a “Resistance” bubble), and GMT is almost at that level. The red arrow shows how I expect the price to move. The RSI also shows that GMT is almost overbought which shows that it’s going down. Now, if the price retraces when hitting the $1.05 level, we know that the price might follow the blue arrow. If it tanks lower, then upon reaching the $0.85 level, it might either go up (orange arrow) or continue down (green arrow).
Thanks for reading!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
Note
Hello Traders! A quick comment here. The price seems to be moving with the orange arrow.
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