GVT - Possibility of Stagnation Until June
Updated
I should have posted this idea a while ago, because it's been weeks since I thought GVT would stagnate for a while. I've been neutral to bearish on this coin for a bit. Why?
1) No U.S. customers yet
2) Manager platform not quite as exciting as people expected
3) Another major company called Genesis Global Trading that already exists, and has existed for a while. A little too similar.
Every rally has been immediately sold - just look at that rejection from the other day. Really ugly. I've been out of position for a while. HOWEVER, that's not to say that GVT can't succeed. If we break 13000 with conviction, it might be safe to say that the consolidation period has ended. We'd then also need to tackle the pink triangle resistance, which will be pretty hard to break. For these reasons, I see GVT as more of a trading/selling coin (for now).
We are currently moving in a very slow uptrend on the blue support I outlined in my previous GVT charts as a likely bounce area (when I called the last 50% move up). Currently, traders are buying close to that area and selling when we get to 12000-13000. That's just how it is. We may be range bound for quite a while - until June, when our large triangle ends, and we can MAYBE expect some positive price action. If we get some positive news before then and we break 13000 I will reassess.
Trade setups:
BUY if we break and hold 13000. Waiting is probably a good idea, based on how this coin has behaved whenever it has a rally.
SELL if we break below the blue trendline, as that will indicate a major technical failure, and GVT will have to find a lower support level before recovering. Most likely in the 5000-6000 area.
This is not financial advice. This is my opinion based on what I've been seeing with this coin. What you do with your own money is up to you.
-Victor Cobra
1) No U.S. customers yet
2) Manager platform not quite as exciting as people expected
3) Another major company called Genesis Global Trading that already exists, and has existed for a while. A little too similar.
Every rally has been immediately sold - just look at that rejection from the other day. Really ugly. I've been out of position for a while. HOWEVER, that's not to say that GVT can't succeed. If we break 13000 with conviction, it might be safe to say that the consolidation period has ended. We'd then also need to tackle the pink triangle resistance, which will be pretty hard to break. For these reasons, I see GVT as more of a trading/selling coin (for now).
We are currently moving in a very slow uptrend on the blue support I outlined in my previous GVT charts as a likely bounce area (when I called the last 50% move up). Currently, traders are buying close to that area and selling when we get to 12000-13000. That's just how it is. We may be range bound for quite a while - until June, when our large triangle ends, and we can MAYBE expect some positive price action. If we get some positive news before then and we break 13000 I will reassess.
Trade setups:
BUY if we break and hold 13000. Waiting is probably a good idea, based on how this coin has behaved whenever it has a rally.
SELL if we break below the blue trendline, as that will indicate a major technical failure, and GVT will have to find a lower support level before recovering. Most likely in the 5000-6000 area.
This is not financial advice. This is my opinion based on what I've been seeing with this coin. What you do with your own money is up to you.
-Victor Cobra
Note
By the way, it's possible that our last rejection was a major accumulation move - very easy to do with such a low supply. If the whole market is about to move up, GVT might rocket right back to test 13000. I guess we'll see what happens. Either way, that 13000 level is important, and if we can't break it, we will continue to stagnate.Note
We wicked RIGHT off the blue uptrend line today. Could be a good buying opportunity, since the last time we tested this support, we rallied around 50%. However, a stop loss is definitely recommended in this situation. Below 9850, and we may very well dump all the way to 5000-6000 before bouncing. Note
Looking very dangerous right now. If buyers don't step in...things could get ugly. Note
Another fundamental reason to be bearish on GVT - Binance will likely take over the exchange world and even potentially venture into asset management. The rise in BNB is actually not good for GVT. However, it's possible GVT will rise as confidence returns to the market, and people feel more comfortable putting their money in riskier coins (more profit to throw around).
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