Chart of previous post yesterday, where I called the break-out:
First off, you can see that in (1), the longer term support was reached, almost coinciding with the triangle base. That strong support and the changing momentum has now pushed GVT through the triangle resistance in (2).
Moreover, if we look at the overall chart, we see that GVT has actually been in a relatively wide upward channel / trading range. And, GVT fell through the support of that trading range beginning of April. In general, we could reasonably expect that the price will revert to that “mean” trading channel. And hence, it should actually minimally be trading at around 35000 sat today (point 3), to be in the lowest area of that upward trend channel. That would already mean a big increase from today’s levels!
If we look at the lines, I drew them from the All time high (4), to point (1). The next pricing targets are:
You could place your sell triggers at those levels gradually and according to your risk appetite.
Can we still fall back? Yes, it’s always a matter of scenarios. But here the bulls are in favour, and we still have a strong support at 24000-ish. In the meanwhile, don’t be too surprised if you see the price tracing back before increasing, which is very normal for triangle break-outs.
Best of luck,