Gnosis (GNOUSD): Coiling Volume.
This is a daily chart of GNOUSD on Kraken.
Looks like volume is coiling between an uptrend (green) line and a downtrend (red) line.
Don't be surprised if you see a BIG move at the end of this coiling.
Looking at price, based off of the Fib drawn from the high around $26 and the low around $13,
we see some clear resistance at 0.382, a common area of resistance.
If price can clearly break this resistance along with bullish market structure (i.e double bottom w. breakout),
and volume looks bullish, it's a good call to buy some.
Until then, pay attention.
Looks like volume is coiling between an uptrend (green) line and a downtrend (red) line.
Don't be surprised if you see a BIG move at the end of this coiling.
Looking at price, based off of the Fib drawn from the high around $26 and the low around $13,
we see some clear resistance at 0.382, a common area of resistance.
If price can clearly break this resistance along with bullish market structure (i.e double bottom w. breakout),
and volume looks bullish, it's a good call to buy some.
Until then, pay attention.
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