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GALA / TetherUS

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GALAUSDT trade ideas

Gala Correction In Play Possible Target $0.03416As per my previous technical analysis (TA), I was correct in thinking that GALA's correction is not completely finished. Elliott Wave Context - Wave 2 Correction Referencing Bennett McDowell’s 'Elliott Wave Techniques Simplified' (highly recommend reading it if you are serious about trading): 15% of Wave 2 corrections retrace between 23.6% and 38.2% of the Fibonacci levels. 70% of Wave 2 corrections typically retrace between 38.2% and 61.8%. Given that GALA hit the 0.50 Fibonacci level relatively early in this correction, it seems relatively possible that we may now correct to the 0.618 Fibonacci level. Key Support Levels to Watch: Monthly Support @ $0.398 or; 0.618 Fib Level @ $0.03619 - $0.03416 Summary GALA's price action aligns with typical Elliott Wave Wave 2 correction behavior. I remain cautious but will closely monitor these support levels for potential bounces to confirm the next move.
Short
by heywippa
Razor's Edge GalaHello guys This coin is in a range of almost 300%. Due to its sharp movement to the ceiling of the range, we saw a small correction. Now, if it can break its suffering from this point, it can be validly bought in case of failure, but according to the market conditions and the conditions of this currency, we expect it to make further corrections and we can buy a step. The first step is the half-fibonacci point and the second step is the drawn support. If you like this analysis, I will be happy to give us energy with your support.
Long
by TheHunters_Company
2
GALA Correction Still At Play - Exited PositionsHey guys, I am on holiday but have decided to exit my GALA positions based on my predictions for Bitcoin and XRP and that Bitcoin is looking to have a correction - refer to my ideas. I previously suggested in one my ideas ( click here ) that the correction was over, however based on my review of both Bitcoin which has given me a bearish bias I have now reviewed my GALA prediction and it appears that GALA's correction may still be playing out. Apologies I am on Holidays so I don't have a full ability to write my usual analysis. I am not entirely too worried if I am wrong about this because since the correction on December 08th, all my idea predictions have been correct on Gala and have preserved my balance whilst also collecting an additional 825,000.00 coins without any leverage. If this trade reverses bullish than I can easily enter back in still well in the gren, but if this prediction plays out than I have the possibility gaining more coins for the next leg up.
Short
by heywippa
2
GALA Price Analysis: Medium Term $$0.55, Long Term $1.35Price Targets Medium-term: $0.52 - $0.55 Long-term potential: $1.35 Core Trading Strategy: Dual Time Frame Momentum My trading approach is based on a Dual Time Frame Momentum Strategy, where I base direction off the higher timeframe (Monthly) which helps to determine overall market direction and then use lower timeframes (Weekly/Daily) for tactical entry/exit points. Exit Strategy Parameters Monthly timeframe must show BOTH: RSI in oversold region Stochastic RSI: In oversold region and K line crosses below D line When these conditions are met plus a few others, it will signals the potential end of the bull cycle for Gala and time to exit positions. Technical Analysis Medium-Term Target ($0.52 - $0.55) Based on extension from previous high to previous low, look for a price extension to to 0.618 Fibonacci level which represents realistic bull run target. Long-Term Target ($1.35) Based on 1.618 Fibonacci extension (Golden Pocket). Whilst this may seem like a crazy price, similar extensions have been achieved by Bitcoin and XRP already. Note: Represents significant multiplication (~300x). Consider this an optimistic scenario rather than base case. Key Strategy Emphasis The monthly timeframe serves as the primary indicator for continued bullish momentum. Regardless of price targets, monthly indicators will be the decisive factor for me maintaining or exiting positions. Risk Management All price targets are subject to monthly timeframe confirmation of continued bullish momentum. Strategy emphasizes staying in trend while having clear exit parameters defined by monthly technical indicators.
Long
by heywippa
1
Short Term Price Target: Long $0.12078 - $0.13126LONG position initiated based on completion of ABC correction pattern. Technical Analysis of Momentum Indicators RSI currently at 57, indicating favorable buying conditions Stochastic RSI (Daily): Currently in oversold territory, with bullish signal forming with K line approaching D line crossover Rate of Change (ROC) positive (above 0), confirming bullish momentum All momentum indicators are showing signs the correction is over and now have a bullish bias. Price Targets Short-term target zone: $0.12078 - $0.13126 Based on 1.618 Fibonacci extension level ($0.12078) Monthly resistance level ($0.13126) Trading Plan Maintaining LONG position based on convergence of bullish indicators, monitoring price action until the stochastic RSI reaches the overbought region on the daily at which point I will review price action for potential reversal. Medium-term analysis and price projections to follow in subsequent idea. If you like this idea please like, and follow if you would like to receive further updates on GALA
Long
by heywippa
GALA Update: Corrections and a Bullish PerspectiveIn yesterday's idea, I suggested that GALA’s correction was forming a descending triangle, a bearish continuation pattern as illustrated above. However, with more price action now available, it appears the correction is more accurately forming a descending channel, which has a bullish bias. The key takeaway? Corrections are dynamic—it's crucial to forecast but stay flexible and adapt as new data emerges. Recap of the Last Idea: In my previous idea, I zoomed down to the 30-minute chart to better analyze the correction and predicted that price would test the monthly support at $0.04358. This played out as expected, reinforcing my bearish view at the time. Knowing the correction would unfold overnight, I avoided taking on risk and focused on accumulating during the downtrend. As the price broke down from the descending triangle, it quickly recovered, bounced back into the pattern, and found resistance. Initially, I thought it was a false breakdown, but on closer inspection, it now looks like a descending channel, which aligns with my bullish macro outlook. Trading Framework Based on Stochastic RSI Daily Stochastic RSI: Still in bearish momentum but nearing a turnaround point. This supports the view that the correction is nearing its end. 4-Hour Stochastic RSI: The K-line has crossed the D-line, signaling bullish momentum. However, I’m holding off on entering a longer-term trade until the daily RSI confirms bullish momentum. Short-Term Trading Plan Both the 2 hour and 30 minute timeframes show Stochastic RSI in the overbought region, indicating short-term bearishness. This suggests we might see price test the bottom of the channel before breaking to the upside. This fits well with my larger narrative, where the daily momentum indicators suggest a bullish breakout is likely after this temporary retracement. Final Thoughts: Corrections are complex and fluid—this shift from a descending triangle to a descending channel highlights the importance of staying adaptable. For now, I expect short-term bearishness before a bullish breakout, making this a critical moment to observe price action at support levels within the channel. If you like this idea please like, and follow if you would like regular updates on Gala.
Long
by heywippa
GALA's Correction Unfolds: Whos in control?GALA Short-Term Price Action Update In my previous analysis, I suggested that the price would likely find support at the monthly level of $0.04358, which it has done, and resistance at the weekly level of $0.04892, which also played out. Following this, I expected a correction to form either a channel or a triangle pattern. Currently, it appears that the price is consolidating into a descending triangle which is more viewable on the 30 minute time frame, with the price at $0.04694 at the time of writing. My expectation is that the price will move back down to test the support level at $0.04358. Please note that corrections are complex and dynamic, so this is an educated guess with a bearish bias. Supporting Factors for Bearish Bias: Daily Stochastic RSI: Momentum is clearly downward, reinforcing a bearish outlook. Descending Triangle Formation: This is generally considered a bearish continuation pattern. Daily RSI: The RSI is declining, further aligning with a bearish view. Key Watch Point: If the Daily Stochastic RSI signals a bullish momentum change (K-line crossing above the D-line), my bias will shift to bullish, but for now, we are correcting with a possibility for further downside before we correct upwards. Don't worry; the momentum indicators on the Monthly are all positive, so it's just a usual Crypto correction - albeit 38%. If you like my ideas consider following and also like to get it out to more people
Short
by heywippa
Navigating GALA’s Correction: Key Levels to Watch ForCurrent Situation Yesterday, I exited my GALA position based on confirmation from the 4-hour timeframe. Although I considered waiting for a daily close to validate the bearish trend, the strong downward signals on the smaller timeframe prompted me to act earlier. This decision proved advantageous, as we experienced a significant price drop. Broad Market Outlook: Weekly Timeframe: The Stochastic RSI has crossed bearish (K below D), indicating that momentum is firmly downward on the larger time horizon. This suggests a sustained correction phase. Daily Timeframe: The Stochastic RSI remains in bearish territory, confirming that the broader trend is aligned with the weekly bearish momentum. 4-Hour Timeframe: The momentum indicators are at levels that suggest oversold conditions, indicating a potential for short-term support and a bounce. Interpretation: We are currently in a correction phase, and support levels are crucial to watch. Based on the broader timeframes, this correction may last a while as the weekly and daily momentum indicators cool off. In the shorter term, the 4-hour chart suggests the potential for a bounce, but this will likely develop into a consolidation pattern, such as a channel or triangle, as the market stabilizes. Key Levels to Watch: Support: $0.04358: This aligns with strong monthly support and the golden pocket (0.618 Fibonacci retracement). If this level fails, the next likely target is the 0.786 Fibonacci level at $0.03980. Resistance: $0.04882: A short-term ceiling where price may struggle to break out until momentum shifts on higher timeframes. What to Look For Next: 4-Hour Momentum Indicators: Await signs of positive momentum (e.g., RSI crossing upwards or bullish Stochastic RSI) to confirm potential support. Consolidation Pattern Formation: After finding support, expect price action to form a sideways channel or triangle pattern, likely bouncing between the identified support and resistance levels. Longer-Term Cooling: The correction may persist until the daily and weekly momentum indicators reset, preparing for a stronger recovery phase. Summary: Immediate support is anticipated around $0.04358, with potential range-bound movement between $0.04358 and $0.04882 in the short term. A deeper correction to $0.03980 remains possible if bearish momentum continues. Patience is key—wait for confirmation of support and momentum shifts before re-entering or trading.
Short
by heywippa