RLinda ! GMTUSDT ! Pre-breakout consolidation
GMTUSDT breaks through the support of the ascending price channel. Earlier the downtrend showed its development, but after the price stopped at the level of 0.5750, we saw a local uptrend, which most likely played the role of a corrective movement.
After breaking through the support, we see a distributive move downwards, which stops at 0.7628. The price does not retreat from this level, but consolidates and forms a squeeze to this support.
If the pattern is not broken and the price continues to consolidate near the level, it is likely that the fall will continue, but there is a chance of a pullback, which is possible to 0.8448 resistance. I stick to the situation: the price can return under the support level 0.7628 and test the level from below, after which the price can continue falling to the target of 0.5750.
Regards to R.Linda!
After breaking through the support, we see a distributive move downwards, which stops at 0.7628. The price does not retreat from this level, but consolidates and forms a squeeze to this support.
If the pattern is not broken and the price continues to consolidate near the level, it is likely that the fall will continue, but there is a chance of a pullback, which is possible to 0.8448 resistance. I stick to the situation: the price can return under the support level 0.7628 and test the level from below, after which the price can continue falling to the target of 0.5750.
Regards to R.Linda!
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