GALA Short-Term Price Action Update
In my previous analysis, I suggested that the price would likely find support at the monthly level of $0.04358, which it has done, and resistance at the weekly level of $0.04892, which also played out. Following this, I expected a correction to form either a channel or a triangle pattern. Currently, it appears that the price is consolidating into a descending triangle which is more viewable on the 30 minute time frame, with the price at $0.04694 at the time of writing. My expectation is that the price will move back down to test the support level at $0.04358.
Please note that corrections are complex and dynamic, so this is an educated guess with a bearish bias.
Supporting Factors for Bearish Bias:
Key Watch Point:
If the Daily Stochastic RSI signals a bullish momentum change (K-line crossing above the D-line), my bias will shift to bullish, but for now, we are correcting with a possibility for further downside before we correct upwards.
Don't worry; the momentum indicators on the Monthly are all positive, so it's just a usual Crypto correction - albeit 38%.
If you like my ideas consider following and also like to get it out to more people
In my previous analysis, I suggested that the price would likely find support at the monthly level of $0.04358, which it has done, and resistance at the weekly level of $0.04892, which also played out. Following this, I expected a correction to form either a channel or a triangle pattern. Currently, it appears that the price is consolidating into a descending triangle which is more viewable on the 30 minute time frame, with the price at $0.04694 at the time of writing. My expectation is that the price will move back down to test the support level at $0.04358.
Please note that corrections are complex and dynamic, so this is an educated guess with a bearish bias.
Supporting Factors for Bearish Bias:
- Daily Stochastic RSI: Momentum is clearly downward, reinforcing a bearish outlook.
- Descending Triangle Formation: This is generally considered a bearish continuation pattern.
- Daily RSI: The RSI is declining, further aligning with a bearish view.
Key Watch Point:
If the Daily Stochastic RSI signals a bullish momentum change (K-line crossing above the D-line), my bias will shift to bullish, but for now, we are correcting with a possibility for further downside before we correct upwards.
Don't worry; the momentum indicators on the Monthly are all positive, so it's just a usual Crypto correction - albeit 38%.
If you like my ideas consider following and also like to get it out to more people
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