dsgorthy
Long

Gnosis (GNO) Consolidation Period Over. Breakout to Follow?

BITTREX:GNOBTC   Gnosis / Bitcoin
After reaching an all-time high of nearly 0.15 COINBASE:BTCUSD             per BITTREX:GNOBTC             back in July of 2017, BITTREX:GNOBTC             has been on a downward decline. I've been waiting for BITTREX:GNOBTC             to fall below the 0.016 resistance level for a while now. Looking at the chart, it has actually tested this level three times since the start of 2018. We have seen a decent pullback of BITTREX:GNOBTC             since the fall of COINBASE:BTCUSD             earlier this year, but this chart is telling us it's time to move.

Trading has been pretty quiet this week, with volume several times lower than we saw at the beginning of the year. I believe that we'll test the upper edge of our descending triangle ( wedge here) in the next day or two. If we see a breakout above this edge with high MACD and a high daily volume , we'll move up towards the one-week moving average (bright green line). If we do not strongly break this line, I believe that we'll have a downward breakout challenging the long-held 0.016 resistance level . The next few days should determine which direction BITTREX:GNOBTC             should go.

As the title shows, I am bullish about BITTREX:GNOBTC             because of the decrease in trading volume over the past couple of days. This tells me that sellers are less willing to sell at this current value, and I see that as a critical time for a breakout. We've tested the 0.016 three times before, and the bears were unable to take BITTREX:GNOBTC             down then.

I'd like to hear your thoughts on BITTREX:GNOBTC             ! Where do you think it's headed after this consolidation period? Are we headed for a bull run or will the bears finally take it below the 0.016 support? Please comment below, as the more input we see, the more informed we are!

*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
Comment: It looks like we're still holding steady with GNO hovering around the 0.0165 level. No real movement in volume yet.
Comment: We're still hovering around the same level with no increase in volume here. Although we are slightly about the upper edge of the long-term wedge, I don't think that tells us anything about the direction of were GNO is heading. Tomorrow should tell us more about the near future of this asset!
Comment: We broke the lower edge of our resistance with low trading volume, I anticipate that we'll continue dropping.
Comment: As predicted, GNO continued to fall. Not a huge drop, but the short-term prospected of GNO aren't looking great.
Comment: I'm still staying away from GNO in the short term, it's not looking great.
Comment: We're still seeing a downward trend here with no real signs of reversal/rally. Stay away short term
Comment: I'm still bearish here, see the below chart. We're falling below the middle of our channel and right in the middle of our RSI.

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