imfamousrajat

GOLEM-BTC - FALLING WEDGE REVERSAL!!

Long
BITFINEX:GNTBTC   Golem / Bitcoin
GNT is trying to breakout of the falling wedge . Notice that it is moving slightly under EMA (12). If it is able to break above it then we can expect some upwards movement.

Alternatively, if it is unable to breakout of the wedge then it will fall down towards the bottom of the wedge to the next support region from where it will try again to move upwards.
Please see the chart, everything is marked on it. The profit taking targets can be next Fibonacci levels.

(The EMAs still need more time to develop though since it is a lagging indicator).

Developing MACD:

Volume:

(I can post the chart with in depth analysis using indicators if people need it, but as for now, this should suffice.)

P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal. Invest your capital at your own risk.

Keep an eye out. Trade safely. Always remember, money not lost is also a profit.

Good luck trading.!
Peace.
Comment: It got rejected from the downtrend line. Still moving in the wedge. Waiting for it to retest support.

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