🔥 GALA At Capitulation Low: Bearish Triangle

11 июл. 2022 г.

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.