BINANCE:GVTETH got destroyed over the last month, but it has broken out of the downward channel and is testing support. Long term momentum has signaled what I call a 'supercross' inside of the wedge at the location of the green square. From this point, the breakout above the wedge was extremely predictable. After a supercross signal, it is typical to see a price spike followed by retracement slightly below the bottom before rising back up again. Ethereum showed the exact same spike + retracement behavior on a similar signal near the $360 bottom in April. I recommend waiting for upside momentum to start picking up in the next 24 to 48 hours before entering long.
Kommentera:
Just woke up to see it break down back into the wedge -- trade is invalid until it can break up above resistance. ETH is too strong right now.
Kommentera:
It popped back above resistance, but I'd wait for upside momentum to pick up more strongly before jumping in. The setup right now looks slightly weak, but a few timescales (e.g. 4H) look promising. If you're sitting in FIAT, since BTC and ETH are getting shredded today, I'd check the GVT/USD chart to make sure it doesn't break through the support line that it's been hobbling up for the last few weeks before entering a position. We should have confirmation or failure of this prediction in the next day or so.
Kommentera:
I see some extremely interesting multi-timescale convergent upward signals on the 1D, 12H, 6H, 4H, and 2H candles. I'd say with >95% certainty that it's going to go up in the next couple days from its current position of 0.0252