GMT is going to test the bottom trendline for the 4th time which is not good for long traders because support become weaker with each test. So the break down is really possible but what is good in current situation?
๐ I think that after the break down the GMT return above the trendline so fast because:
1๏ธโฃ the crypto is to close to market bottom and a lot of retail traders already sell thair crypto and proce can`t fall lwer if no one sold cheaper and cheaper.
2๏ธโฃ the whales will have enough liquidity to collect if price break the trendline down and collect the sl. The whales buy enough GMT to their longs and will be ready to sell their crypto higher and higher.
๐ Preconditions to open a long:
๐ฅ false breakout (return the price above the trendline)
๐ฅ volume growth - confirms the whales purchase
๐ฅ bullish BTC help reach the targets for GMT much faster
๐ฉAfter this the price can squeeze to the local trendline and we can open our longsโ on it`s breakout or during the test of the trendline as support. In any case i will show you it in the next ideas.
The targets:
1๏ธโฃ $1.16 - key level, local highs
2๏ธโฃ $1.35-1.44 - value area, strong resistance
๐ฉFriends, what is your scenario for this altcoin and BTC? Write in the comments!
๐ปFriends, press the "like"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
๐ I think that after the break down the GMT return above the trendline so fast because:
1๏ธโฃ the crypto is to close to market bottom and a lot of retail traders already sell thair crypto and proce can`t fall lwer if no one sold cheaper and cheaper.
2๏ธโฃ the whales will have enough liquidity to collect if price break the trendline down and collect the sl. The whales buy enough GMT to their longs and will be ready to sell their crypto higher and higher.
๐ Preconditions to open a long:
๐ฅ false breakout (return the price above the trendline)
๐ฅ volume growth - confirms the whales purchase
๐ฅ bullish BTC help reach the targets for GMT much faster
๐ฉAfter this the price can squeeze to the local trendline and we can open our longsโ on it`s breakout or during the test of the trendline as support. In any case i will show you it in the next ideas.
The targets:
1๏ธโฃ $1.16 - key level, local highs
2๏ธโฃ $1.35-1.44 - value area, strong resistance
๐ฉFriends, what is your scenario for this altcoin and BTC? Write in the comments!
๐ปFriends, press the "like"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
Get access to the private club with VIP signals ๐ bit.ly/Biko_ViP
๐ทTelegram ๐ t.me/+ICrmLIneDmRiYjIy
๐ทYouTube ๐ bit.ly/YouTube_Lessons
๐ทTelegram ๐ t.me/+ICrmLIneDmRiYjIy
๐ทYouTube ๐ bit.ly/YouTube_Lessons