All Eyes On GMM ...There Was A Huge Order Block Was Born In Dec 2022, When The FaceBook-Related News Was Published And The GMM Heavily Pumped And Said Hello To The 0.005 Zone. ( You Can Google it! )
After That, We Had a Major Correction Down To That Monthly Demand Zone Which Led To Formation Of a Doji Candle That Highlighted On The Chart.
So, As You Can See, A Colossal Double Bottom Pattern Formed On Monthly TimeFrame, Which Made This Token So Hot And Promising.
Remember, The Monthly Double Bottom Is A Thing You Should Take It Seriously!
The Ascending Channel Shown As Below, Has Many Technical Aspects That Validate The Bottom Of The Channel, Including A Big-Big Weekly Cup-And-Handle Pattern Right On the bottom!
This Thing Made The Bottom Of the channel More Realistic And Valid. So A Second Jump To the Upper Border Of The Channel Is Expected.
The Base Shown On The Chart Below, Stopped GMM From Breaking Up The Cup-And-Handle Pattern Many Times. But Multiple Tries To Break It, Weakened This Zone And We Should Consider It As a Fake Resistance At The Moment.
This Zone Broke In The Last Few Days And We're On The PullBack Phase, Once the PullBack Completes, Upside Move Will Be Inevitable.
We Are Witnessing 10 Encounters With This Level In The Daily Time-Frame. Such a Phenomenon Has Excessively Weakened This Level, And it Can Be Confidently Said That From Now On, This Level Will Be Perceived As a Fake-Resistance-Zone!
So, We Will Go To The Previous High And Perhaps, A New High At The Upper Line Of The Channel.
Not Financial Advice ...
