GMT Daily
Updated
Hi all,
With this idea you can see GMT is currently trading in a bilateral triangle position.
This triangle indicates it could either go up or down.
Of course we are hoping for a breakout from the triangle and up to the 1st target @ $1.06 level from a current buy position at $0.83.
If we can hold above that level then we will want to push to the next major resistance at the 0.618 fib zone ($1.59) beyond that it is hard to gauge as this will all depend on how bitcoin trends.
The other scenario that can occur is that it drops out of the triangle and dips down to the first major support line at $0.69.
if it can't hold the support there then we will see it drop down to the next major support all the way down at $0.33, then a possible dip lower to $0.14.
All 3 major support zones are great opportunities to buy and to build up the portfolio.
If it goes up then I'd be looking to sell on the first 2 resistances with a small amount left over in case it goes higher.
But with the current chance of a huge recession than I honestly don't believe this scenario will pan out.
Make sure to put in stop losses to prevent losses & Happy trading!
With this idea you can see GMT is currently trading in a bilateral triangle position.
This triangle indicates it could either go up or down.
Of course we are hoping for a breakout from the triangle and up to the 1st target @ $1.06 level from a current buy position at $0.83.
If we can hold above that level then we will want to push to the next major resistance at the 0.618 fib zone ($1.59) beyond that it is hard to gauge as this will all depend on how bitcoin trends.
The other scenario that can occur is that it drops out of the triangle and dips down to the first major support line at $0.69.
if it can't hold the support there then we will see it drop down to the next major support all the way down at $0.33, then a possible dip lower to $0.14.
All 3 major support zones are great opportunities to buy and to build up the portfolio.
If it goes up then I'd be looking to sell on the first 2 resistances with a small amount left over in case it goes higher.
But with the current chance of a huge recession than I honestly don't believe this scenario will pan out.
Make sure to put in stop losses to prevent losses & Happy trading!
Note
::Update::With the double top pattern forming currently on the 4hr and the recent breakout attempt being denied. I have now put in a stop loss at 0.83 so if it does drop out of the triangle then I won't lose my money. However since it's still within the triangle, we can hope another breakout attempt will ensue and we may see that push to $1.06 after all.
Note
::Update::As qe have seen it has indeed broken out and not triggered the stop loss (thankfully) up to 1.14 which is the 12hr ema.
Currently it is still very bullish but the pump i very sharp, so the rsi is quite high. Im wairing for a retrace to buy more.
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