GMTUSDT trade ideas
$GMT RISING WEDGE (D)Another Rising Wedge pattern.
IMO i think if it break out of the wedge i will short and have a tight stop loss. With the BEAR MARKET i think GMT can go down but no clue high low. Rather risk a small loss to be able to capture a bigger move than sit on the sideline.... happened to me on WAVES at its peak so lets just see how it plays out
NON FINANCIAL ADVICE - journaling your trades
QoverQ
StepN | UpdateUpdate to my initial analysis on $GMT.
TLDR;
*GMT + GST Losing strength due to trickle down effect in the M2E category.
ie. people taking profits and rolling into other M2E projects to maximize profit potential on their "steps".
*General market strength has persons diversifying out to other tokens/ people taking profit.
*A question of sustainability. Can $GMT continue this rapid growth in this current market?
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Current short term price action is displaying one of my favorite momentum patterns where price rides a Moving Average onto support or resistance and then eventually breaks the level with volume; more or less known as an ascending or descending triangle.
Diagram to the left shows exactly how these usually play out. (This specific diagram is a reverse of the same pattern on 4/24).
For a short term trade/ momentum following, this seems to be an okay area to go short with a tight stop above recent highs and also the 21EMA.
There is potential for price to fall back to previous ATHs and also the 100MA and find support. In addition to the above, its also possible that price have an even bigger pullback to fill some price inefficiencies.
Refer to the posts linked below as I will be updating them as well, as time goes on. The linked video goes into detail on an intraday chart about the short term trend change on GMT & GST, which is the beginning of this current pattern.
GMTUSDTHello Crypto Lovers,
Mars Signals team wishes you high profits.
This is a 4-hour-time frame analysis for GMTUSDT
It is clear that the price is fluctuating in the middle of the channel. It is expected to move to the first support line. If it moves upward, it is able to break the first resistance line and even move to the second resistance line.
Warning: This is just a suggestion and we do not guarantee profits. We advise you analyze the chart before opening any position.
Wish you luck
GMT brief range ๐ก๐We expect to see brief range market for the price before any uptrend or downtrend movement ๐กโ๏ธ
if
we lose the support, we will see more correction to the downside โ๐งจ
and
if
the price breaks the trend line to the upside, we will see more gain ๐
Please, feel free to ask your question, write it in the comments below, and I will answer.๐
GMT GMT GMTGMT LONG POSITION
Shark Pattern, Bounce areas are ( Use Fib retrace to measure D = C to b 1.618 to 2.24 of fib retrace)
Find where the imbalance or find some OB at the possible bouncing areas.
If you find something set an OB and wait till it bounce at that Price of Interest of yours.
Always use stop loss
Risk management
Risk only when youre confident
Don't counter trade, but if youre a pro trader well you can.
Dont chase the market price
Let the market chase your interest price.
Remember
Risk management
dont trade with your emotions
smile :P
-MercilessDolphin