🚀GALA: trandline breakout! Is it possible now?
The Gala rebounded nicely after the fall, but after that it made long traders fuel for a 30-40% drop. Now traders in the crypto market are scared and do not understand what reade to open (long or short?). In this idea I will tell my thoughts about Gala, closest targets and preconditions for a possible long.
What can be marked out on the chart?
1. the price rebound of 100% after the fall, caused many traders to buy in. After the last drop to $0.65-0.68 support, most had to sell their GALA.
2. Rising volumes every time the “bottom” was tested. On the volume indicator, you can see the volumes rising every time and the price bounce. A sign that someone may be accumulating a position.
3. 2 unsuccessful tests of the trend line and a return to it. A positive signal, a sign of bullish strength.
What to expect in order to open a long position?
🔶A squeeze under the trend line .
🔶Watch for Bitcoin , which should also look strong.
Another liquidity pickup below the $0.65-0.68 support level is possible. Keep an eye on volumes, which should rise in this case.
Targets for a long:
1. $0.094-0.1
2. $0.11-0.12
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P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
