j0nesy1977.mj
Long

GBYTE - Symmetrical Trianlge, Will it Break Out

BITTREX:GBYTEBTC   Bytes / Bitcoin
I'm watching GBYTE closely and am slightly bullish on it. There are some good signs, it has a medium term uptrend and there seems to be a symmetrical triangle forming. Other signs include a recent golden cross and an inverse hammer which hint at an uptrend which looks to be eventuating...

It looks to have broken the symmetrical triangle, however, I think it will be a failed break out due to it being over bought and due to the lack of volume . There are plenty of options for other similar symmetrical triangle to form and for it to break out. I wouldn't be surprised if some volume returns to the market next week and we see it break out. If it does I believe we are in for a very big price increase.

I'll keep monitoring.
Comment: NOTE: Found a mistake on my chart. The callout should read "overbought" not oversold.

Also, a long red candle is forming which could further indicate a failed breakout is likely.
Comment: Confirmed failed break out and still over bought. No trade yet, will keep watching for a while yet and don't expect much action until the market recovers. Which is anyone's guess.
Order cancelled: I don't believe this analysis is valid any longer. It has broken the triangle on both the top and the bottom. I won't be watching closely any more and will not be entering a trade in the foreseeable future.
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