A_Cryptastic_Mind
Long

Genesis Vision (GVT) short term – The break-out, and the targets

BINANCE:GVTBTC   Genesis Vision / Bitcoin
In my previous post I explained very quickly that GVT was finally in for a break-out of its' triangle formation. Minutes later it broke out and will now likely retrace a little before the bounce-off. That brings me to the next part of the story – the targets and the overall chart picture.

Chart of previous post yesterday, where I called the break-out:



Daily chart:

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 Fibonacci retracement lines, I drew them from the All time high (4), to point (1). The next pricing targets are:

29904 sat
32273 sat
34642 sat
38014 sat
42310 sat

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,

Comments

Good Work! Thanks...
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Thanks!
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