Gitcoin To The Moon: 800%+ Liquidity Hunt ExplainedYou could say that the only reason why Gitcoin is bullish now is because recently it produced a new All-Time Low. Imagine the new huge difference: a pair trading near its All-Time High and another one trading near its All-Time Low, opposite poles.
➖ GTCUSDT bottomed, hitting the lowest ever, 2-September 2024. We see some bullish action, like rising slowly for 8 weeks and leaving behind a rounded bottom which works as a reversal signal.
➖ The prior ATL, before 2-September 2024, happened in August 2023. The action is happening just barely above this level. This is marked with the longer orange line on the chart and this work as another reversal signal.
➖ There is also a local downtrend line that has been broken recently. It is true that these trendlines are "subjective" and people can draw them in different ways but still, one can easily appreciate when price action is respecting a certain trendline. If there are several reactions with the same line, we know that it can work as resistance or support.
➖ Another signal which we have been using recently and it is a bit unconventional is the size and proportion of each wave. On the left side, we can see a big down-wave. On the right side, we can see a much smaller down-wave after a long period of consolidation.
The second down-wave becoming many times smaller than the first one tells us that the bearish pressure the market was experiencing is gone. The last drop is more like a liquidity hunt.
Ok, so liquidity has been hunted, where do we go next?
To the moon of course... Growth potential can go beyond what is shown on the chart.
Thank you for reading.
Namaste.
