🔥 GALA At Capitulation Low: Bearish Triangle
A while ago I made an analysis on GALA and the corresponding two downwards facing trendlines. The first target, purple, got hit and acted as a strong resistance. The bounce was a success, but now it's time to look at the other side.
As seen on the chart, GALA is extremely weak. Most other cryptos are quite far away from they're May/June capitulation lows, but GALA is trading right at that area.
With the dotted purple trend line functioning as resistance, a bearish triangle can be formed with the capitulation support. Theoretically, this pattern should break bearish. Wait for a higher time frame candle to close below the capitulation lows before entering a trade. Bearish target at $0.04
On the other hand, a close above the purple trend line might initiate another bounce. Target is the blue dotted trend line.
As seen on the chart, GALA is extremely weak. Most other cryptos are quite far away from they're May/June capitulation lows, but GALA is trading right at that area.
With the dotted purple trend line functioning as resistance, a bearish triangle can be formed with the capitulation support. Theoretically, this pattern should break bearish. Wait for a higher time frame candle to close below the capitulation lows before entering a trade. Bearish target at $0.04
On the other hand, a close above the purple trend line might initiate another bounce. Target is the blue dotted trend line.
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