This is one of the most volatile coins that Coinbase has to offer.
There is no confusion here that this resembles a text book Wyckoff pattern. But the question arrises ... could this pattern be a trap?
And the bait is the 1700%+ pump that came after the Selling Climax. It has taken a -96% loss in value since the rally up, so it is in DEEP value here.
Currently printing on the HTF 1:0.618 ratio, so it's possible that this area could be the completion of a 1:0.618 correction. Also keep in mind that the lower 0.786 is still a potential retracement target.
So, it has printed a second creek here, and could be ready to make a jump to the upside. But this would not be considered a "smart money" area.
This is a dicey coin and comes with major risk, but if it were to recover, there is a high chance that this is the ratio where the tables turn. And when it turns this could be one that is heard from miles.
-Not Financial Advice-
There is no confusion here that this resembles a text book Wyckoff pattern. But the question arrises ... could this pattern be a trap?
And the bait is the 1700%+ pump that came after the Selling Climax. It has taken a -96% loss in value since the rally up, so it is in DEEP value here.
Currently printing on the HTF 1:0.618 ratio, so it's possible that this area could be the completion of a 1:0.618 correction. Also keep in mind that the lower 0.786 is still a potential retracement target.
So, it has printed a second creek here, and could be ready to make a jump to the upside. But this would not be considered a "smart money" area.
This is a dicey coin and comes with major risk, but if it were to recover, there is a high chance that this is the ratio where the tables turn. And when it turns this could be one that is heard from miles.
-Not Financial Advice-
Note
Low time frame GW retracement. Looking good for the time being. Note
However, it is at a micro supply/resistance area, and when considering the RSI previous bottom and high compared to price action, this wave up is slumping compared to the previous wave up. So it may experience some pull back. Note
A break above the supply/resistance line today. It looks like it may be printing inside a potential ascending channel. The GW plotted is potential support zone. Note
GST is moving well inside the "Launch Pad". I have been adapting to new strategies here recently. I will be including "Fib Circles" in this update, something that I like to call the "Launch Pad". Using Fib Circles to catch support levels seems to be an effective method is used correctly; especially in accumulation. So here I have plotted the launch pad for GST. 👇👇👇
If you notice, at the end of the selling climax (SC) in OCT 23' price respected the 1.618 of the fib circle (Blue Circle) and found support. Then afterward retraced to the upside then back down and found support on the 2.618 of the fib circle (Red Circle). So throughout its phases of accumulation, you can observe how the fib circle has proven to be support at significant levels.
Current price has now found support on the 1.618 of the fib circle, yet again. This suggests that a test of the upper 1.618 (Blue Ring) is on. If price breaks that structure, the 2.618 (Red Ring) would be the next target.
Note that when price leaves the launch pad and finds support back on it, this is where smart money comes in and things get impulsive to the upside.
If ETH gets to moving back on up, this could develop rather well to the upside.
Key takeaway; Look for resistance around 0.007, If price breaks that level, look for resistance around 0.009.
Good Luck!
-Not Financial Advice-
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.
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.