Quick Trade idea for GALA Here's a quick Look at GALA 6 hr chart. As we can see, the price has been forming a bigger descendingl triangle and we could see a bigger break to the upside soon - BTC just need to get stable! Definitely one to keep an eye on.
The best entry would be, when the price breaks above the descending triangle with good amount of volume .
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The idea is: Buy the breakout from the descending triangle and take profits at the levels shown in the chart.
Targets:
1. 0.094$
2. 0.106$
3. 0.115$
4. 0.123$
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What are triangles when it comes to trading?
Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
