Potential GVT Setup
Updated
Since my first GVT analysis, we have been on track to hit my bearish target at the blue trendline. It currently resides in the 8400-8500 area, and when we get there, we might see a decent sized move up, at least in terms of Bitcoin value. I think the market overall is due for a large upwards correction, since I think we need to confirm a long term bearish diagonal resistance. If this correction occurs, I expect it to begin sometime within the next month.
As for GVT, targets for the bounce are at overhead resistance, marked in green X's on this chart. My ultimate bearish target for GVT has been $2. We may see these prices, but we're getting pretty close now, so people might want to start looking for long term positions. However, given the state of the market, caution is extremely important. If GVT falls below the blue line, it will have confirmed a bearish long term trend. Link to my previous GVTBTC analysis is at the bottom.
Potential setup is as follows:
BUY:
8400-8700 (wicks can go down here or even lower)
SELL:
13000
20000
Wherever the diagonal pink resistance is.
STOP LOSS:
Below 8000, although quick stop hunts happen frequently in this market.
This is not financial advice. I am not a professional financial advisor. This is just a potential setup that I'm looking at, and curious to see how it plays out.
As for GVT, targets for the bounce are at overhead resistance, marked in green X's on this chart. My ultimate bearish target for GVT has been $2. We may see these prices, but we're getting pretty close now, so people might want to start looking for long term positions. However, given the state of the market, caution is extremely important. If GVT falls below the blue line, it will have confirmed a bearish long term trend. Link to my previous GVTBTC analysis is at the bottom.
Potential setup is as follows:
BUY:
8400-8700 (wicks can go down here or even lower)
SELL:
13000
20000
Wherever the diagonal pink resistance is.
STOP LOSS:
Below 8000, although quick stop hunts happen frequently in this market.
This is not financial advice. I am not a professional financial advisor. This is just a potential setup that I'm looking at, and curious to see how it plays out.
Note
Entering the buy zone!Note
Perfect rejection on the blue trendline. Congrats to anyone who got in on this trade, as it was a pretty easy setup. Conservative traders should probably take at least some profit now, as we've had a good 30% gain since the buy in point. Further targets are the red zone and the pink resistance. However, the market still looks weak overall, so caution is needed. Note
This pullback was expected. If you took profits above 11000, now might be a good time for a swing trade, since I think there's a high chance for a somewhat extended market relief rally. If this happens, we could easily reach my targets for GVT. Next up is 13000. Just make sure you're careful, especially if we somehow slide back below 9000. This is my final update for the next couple of weeks, since I'm going away and need a break. Take care and good luck!Note
The first major target has been reached at 13000! Congrats to anyone who was following a similar plan. That was the first big take profit area. We can still make it up to the pink resistance, which is another substantial gain...but Bitcoin looks undecided at the moment. It was fairly likely that 3.2K was a mid-term bottom, but we can easily still retest it or make lower lows. Best to exercise risk management. Note
We can expect a pullback to the orange line, perhaps, until any more movement upwards.Note
Probably should have moved that orange line a bit lower. As I had it, we've slid below it, but I think it really should be around here, in which case we've reached close to the target for a pullback. If we break below, we'll likely have to retest the slowly rising blue trendline.Note
Doesn't look like it has enough strength to reach the higher target for now. Taking substantial profit at 13000 would have been a good idea.Note
Actually looking decent again, as we've made it back above the orange line.Note
Well, we've failed to hold. We might have to retest the blue support, currently in the 9000 area. If the market continues to move up though, we could see some buying take us back above the orange line.Note
We could also form an inverse head and shoulders, with a bottom for the right shoulder between here and 10000. Hard to say until a confirmed breakout.Note
Looks like we've aimed for that retest of the rising blue trendline. It currently lies in the 9000 area. If we bounce hard there yet again, it will be a sign that we can move up. The fundamentals of GVT are waning a bit, as I've heard some of the profits people are making are in the negatives. This is to be expected in a bear market, as it's hard enough to be a good trader, but even harder in a bear market. Doesn't help that the stock market is still probably near the top. If GVT breaks the uptrend, I will probably exit the rest of my position that I've held on to since selling some at 24000. Note
GVT is close to its final support. If it doesn't hold, this coin will lose its long term uptrend and become bearish. However, it's another long opportunity. The fact that the last bounce lost momentum so quickly is cause for concern though. The declining stock market won't be good for an asset management platform like this either. Might end up selling my stash if we confirm a bearish trend. Note
We're coiling up at this level and are close to breaking out of the wedge. I just increased my position by 7% (including fees) by trading RLC. Remember though, if the blue line fails, GVT will likely stall for a long time. In that case, I might exit most of my position Note
Looks like we've broken out of all possible descending wedges. Should be a safe long entry, as long as we're above the blue support line. The next target is just below 11000. Note
Just a quick update - we've been consolidating for a while in the low 10000's and above the blue rising support. Perhaps we can get some sustained buying action soon. Most pumps have been sold recently. I exited most of my GVT position for now, actually, in favor of NANO and ONT, as I've decided to be a little less long term bullish on this project. 2 reasons:1) It has not had a history of appreciating much in value over Bitcoin (long term). Meaning that I expect other coins to go more "parabolic."
2) There is already a major investment company called Genesis
3) U.S. Customers are still barred from using the platform.
If we break below the blue support, it's possible GVT will not go up for a long time. But if we can hold, we should see it start to appreciate in price.
The bullish things I see for GVT on the horizon are:
1) The potential GVN airdrop for their exchange token
2) U.S. Customers
Note
Looks like we're having a bit of a move up. Still part of accumulation, but if we can break that 13000 strong resistance zone, that would be very good for GVT.
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