Timechain Coder
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#Gala - $GALA - General Outlook
I will not give a detailed short-term analysis about this. It is already in a downtrend and for a reversal, it needs to rise above the small red box I marked on the right.
But those who have it have probably been holding it for a long time. I think gaming hype should be seen in the market for it to show potential, but on the technical side, there is an image on the weekly chart that could be an opportunity.
I see a regular long term Wyckoff Accumulation on the weekly. The plan could be as follows:
If it drops below 0.01251 and sweeps the liquidity and then enters the range I have boxed in the gray box again and can stay above 0.01561 in a week or two (Wyckoff Spring), an increase can occur up to a little above the red box at the top of the range (Wyckoff SOS). After that, a pullback to the middle of the range or close to it (Wyckoff LPOS) and then the main distribution can be targeted with the upper red box and maybe even above.
If it is rejected from the range bottom as I showed with the red arrow on the chart and makes a new bottom, this scenario is completely invalidates and garbage. So I would not take a trade without seeing the Spring phase of the scenario above.
Technically, a Wyckoff distribution can occur without the Spring phase, but the risk ratio is higher and it is more difficult to determine the stop level. So I would not take a trade accordingly at this stage.
I will not give a detailed short-term analysis about this. It is already in a downtrend and for a reversal, it needs to rise above the small red box I marked on the right.
But those who have it have probably been holding it for a long time. I think gaming hype should be seen in the market for it to show potential, but on the technical side, there is an image on the weekly chart that could be an opportunity.
I see a regular long term Wyckoff Accumulation on the weekly. The plan could be as follows:
If it drops below 0.01251 and sweeps the liquidity and then enters the range I have boxed in the gray box again and can stay above 0.01561 in a week or two (Wyckoff Spring), an increase can occur up to a little above the red box at the top of the range (Wyckoff SOS). After that, a pullback to the middle of the range or close to it (Wyckoff LPOS) and then the main distribution can be targeted with the upper red box and maybe even above.
If it is rejected from the range bottom as I showed with the red arrow on the chart and makes a new bottom, this scenario is completely invalidates and garbage. So I would not take a trade without seeing the Spring phase of the scenario above.
Technically, a Wyckoff distribution can occur without the Spring phase, but the risk ratio is higher and it is more difficult to determine the stop level. So I would not take a trade accordingly at this stage.
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