Hello Traders!
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If you look at the chart we can see GALA is in bearish mode trading inside a descending channel on 1h time frame chart making lowers highs and lower lows ( short impulses are squeeze ) , price is action is respecting the local support between 0.2520$ - 0.2570$ , where 0.618 Fibonacci level exist also it is a good buying area for buyers ( DEMAND ZONE ) if we look back at 5 February 2022 price action , where RBR ( rally based rally ) supply and demand pattern occurred, so we suggest that the bulls will take probably the price from this support and break the descending channel , what we like to see is a good amount of buying pressure to confirm the scenario , meanwhile we are still in bearish mode waiting for buyers to take the price higher, also note that we would like to see how the market will reat based on BTC sentiment and CME gap
Thank you, Good luck!
- Please push the like button if you like the content or drop a comment to share your idea!
If you look at the chart we can see GALA is in bearish mode trading inside a descending channel on 1h time frame chart making lowers highs and lower lows ( short impulses are squeeze ) , price is action is respecting the local support between 0.2520$ - 0.2570$ , where 0.618 Fibonacci level exist also it is a good buying area for buyers ( DEMAND ZONE ) if we look back at 5 February 2022 price action , where RBR ( rally based rally ) supply and demand pattern occurred, so we suggest that the bulls will take probably the price from this support and break the descending channel , what we like to see is a good amount of buying pressure to confirm the scenario , meanwhile we are still in bearish mode waiting for buyers to take the price higher, also note that we would like to see how the market will reat based on BTC sentiment and CME gap
Thank you, Good luck!
Trade active:
will update my chart in the next set up