reza_tayebi

Getting ready for a leg up

BINANCE:GNTBTC   Golem / Bitcoin
Golem had a nice rally recently. It seems it has found support after a correction to .618 fib level and now is getting ready for another leg up.
Short term I think it can reach 9265 fib level of its all time high movement.
Volume is declining which is a great sign when a coin is in correction.
I still have not opened long on this trade.
I will wait for breakout with good volume to go long.
Will update this post.
Comment: My buy order, which was outside of upper edge of triangle
triggered. My sell point will be .618 fib level which is around
9265 satoshi
Trade active
Comment: Bullish triangle, declining volume, If you haven't bought GNT, you can on a break out of this triangle.
Always remember breaking out of these patterns should involve good volume to work out.
Comment: Another bullish triangle, declining volume, signs of creating base for next leg up.
Owner of Golems can keep their coins.
If you want to buy Golem you have two options :
Buy on breakout of triangle
Buy if price gets closer to the base of triangle
Always remember to use stop loss
Comment: GNT is at a good price point now. You can buy with 1.5 percent stop loss.
Comment: Triangle I talked about in last update ended in a down move.
Right now price is sitting on support. If this support gets lost
we might see a drop to next support which is 6918.
If you have Golem I suggest to keep a tight stop loss as
current support might get lost.
I don't think buying at this point is very wise.

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