Gala Price Update – Still Bearish
WXY Correction:
Channel Dynamics:
Bearish Confirmation:
A close below 0.0342, followed by a backtest or direct collapse through the channel, signals further bearish bias.
Targets:
Technical Indicators:
An invalidation of my theory would be if price pumps and breaks above $0.040 this will require me to reconsider my bearish bias.
- Left chart confirms we're still in the WXY corrective structure.
- Right chart shows price movement in a channel without WXY lines.
Channel Dynamics:
- Price is oscillating in a channel, rejecting from the middle.
- Key Support: 0.0342, repeatedly tested and holding for now.
Bearish Confirmation:
A close below 0.0342, followed by a backtest or direct collapse through the channel, signals further bearish bias.
Targets:
- First Target: 0.02761 (786 Fib level).
- Second Target: 0.02449 (weekly support).
- Breakdown below 0.02962 (previous low) confirms a straightforward Y correction.
Technical Indicators:
- 4-hour timeframe is overbought, making it an ideal setup for a breakdown.
- Market may remain slow, but a sharper move down would align with current bearish momentum.
An invalidation of my theory would be if price pumps and breaks above $0.040 this will require me to reconsider my bearish bias.
Transaction en cours
How irritating is it to watch price hover around $0.035.... JUST DROP ALREADY! haha
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.