Hello Traders! CTDave here again with another daily price analysis chart.
Today I will be analyzing Stepn BINANCE:GMTUSDT. This is a coin that has been one of the best performers recently. As you all probably know, GMT has suffered a great crash recently and you might be hoping for a retracement.
There has been a breakout triangle forming so there are two different outcomes that can happen. The first one, indicated by the thick red arrow, shows a breakout to the upside before going down, and the second outcome, indicated by the green arrow, goes directly down. You can see the areas of support and resistance where the price may reverse or retrace.
Thanks for reading!
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Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.