Analyzing the range that GALA has been trading in we can note that it has retraced significantly from the weekly range swing high and low. On the most recent swing high and low the Fibonacci retracement acts in confluence with some key areas outlined the chart to create a potential entry point. As always much of this is influenced by Bitcoin's price action. We can capitalize on a retracement for a worthwhile entry.
In the chart below I look at some of the key market structure breaks we've had that have led to this accumulation area.
We've recently broken market structure to the downside, swept down for a new swing low and then established a higher low. We could see a dive down now to the fib areas identified and the OB on the chart. I will be happy to add at these levels.
Have a good week
In the chart below I look at some of the key market structure breaks we've had that have led to this accumulation area.
We've recently broken market structure to the downside, swept down for a new swing low and then established a higher low. We could see a dive down now to the fib areas identified and the OB on the chart. I will be happy to add at these levels.
Have a good week
Comment:
Price went through and think could be a good trade if BTC permits. Daily level (blue line) also hit!
Comment:
So far so good! Goes to show that sometimes you won't get your timing perfectly on point but buying at key levels determined on MSBs can allow for profitable entries. With that said watch how Bitcoin stays above the key weekly levels!