Genesis Vision: Trading idea in run up to platform launch 3.
In my previous two GVT ideas we traded subwave 3 of this sequence for up to 70% gain and subwave 5 for 47% gain (which could have been much more for those of you who got better entries and exits). Now I am sure we have completed a five wave sequence and we're looking for the retrace across the whole sequence via an ABC correction.
We don't know if this correction will be shallow or deep, but the announcement recently that US residents will not initially be able to use the platform suggests to be that it could be fairly deep. However it's also possible for us to go up from the current area as we have already seen what could be interpreted as an ABC move. We need to watch out, if we make a move now back up to the 190k region, that it's not just the B-wave creating a bull trap for us. Therefore I will probably not go long if we move back up at this point without going back below 150k.
The fundamentals of the project are still really strong so I don't think it will kill the growth on the master wave sequence I'm now expecting, depending of course on what BTC does in the coming weeks.
This could be a huge long with up to 200%+ gains just on wave 3. However once we're in the trade it's essential for us to be wary and watch for:
1) A "sell the news" dump when the platform goes live - as this idea now takes us beyond platform launch and into the first couple of months of operation.
2) The progress made on the platform: i.e. manager and investor adoption, manager returns created, any major bugs or issues and other announcements
3) The direction of BTC and crypto market cap as a whole. BTC is reaching crunch time in the next days - within the next 2-3 days it is reaching the apex of a big equilateral triangle and within the next week or so it will reach the 6-month descending trendline and will be forced to either break out or go down for another lower-low - could be even in the 4k region. If that happens we will likely see the EW sequence this trade is based on fail.
Good luck everyone!
We don't know if this correction will be shallow or deep, but the announcement recently that US residents will not initially be able to use the platform suggests to be that it could be fairly deep. However it's also possible for us to go up from the current area as we have already seen what could be interpreted as an ABC move. We need to watch out, if we make a move now back up to the 190k region, that it's not just the B-wave creating a bull trap for us. Therefore I will probably not go long if we move back up at this point without going back below 150k.
The fundamentals of the project are still really strong so I don't think it will kill the growth on the master wave sequence I'm now expecting, depending of course on what BTC does in the coming weeks.
This could be a huge long with up to 200%+ gains just on wave 3. However once we're in the trade it's essential for us to be wary and watch for:
1) A "sell the news" dump when the platform goes live - as this idea now takes us beyond platform launch and into the first couple of months of operation.
2) The progress made on the platform: i.e. manager and investor adoption, manager returns created, any major bugs or issues and other announcements
3) The direction of BTC and crypto market cap as a whole. BTC is reaching crunch time in the next days - within the next 2-3 days it is reaching the apex of a big equilateral triangle and within the next week or so it will reach the 6-month descending trendline and will be forced to either break out or go down for another lower-low - could be even in the 4k region. If that happens we will likely see the EW sequence this trade is based on fail.
Good luck everyone!
Comment:
I sold my modest position at a small (1%) gain because an ascending wedge has started to form with bearish divergence on the 1H over the last three highs. I think that this means we are still on wave B and will go down further. We could still put in one more higher high before going down.
Comment:
I think that we're now in an ascending triangle with ABC already completed, so I'm long again. Hope to at least break up from the triangle and hit 269k by platform launch date in just over two weeks.
Comment:
This trade is looking good. We broke the resistance on the ascending triangle and I think we can now confirm the short ABC and that we're now on a big wave 3. Here is the context on the 4hr about where I think we could go. There will most likely be a "sell the news" dip around launch date and this could cause a big retracement for subwave 2, so I'm probably looking for no more than a 30-50% gain on this one, then buy back in lower again.
Comment:
Here is the detail on the 1H
Trade active:
Here is the detail on the 1H. Already up 13% from my long at 176k. Sorry I forgot to put the Trade Active flag on when I made the long call on 15th.
Getting through the 193k - 197k resistance is really important especially in the context of the recent news that US residents won't initially be able to use the platform, this proves that this news does not fundamentally alter the value and building awareness around this undervalued project. We have already come back down and retested the 197k line as support and I'm now very tempted to add to my position, as I think that progress at least up to 234k could be relatively easy, if BTC remains stable over the next couple of days.
Getting through the 193k - 197k resistance is really important especially in the context of the recent news that US residents won't initially be able to use the platform, this proves that this news does not fundamentally alter the value and building awareness around this undervalued project. We have already come back down and retested the 197k line as support and I'm now very tempted to add to my position, as I think that progress at least up to 234k could be relatively easy, if BTC remains stable over the next couple of days.
Comment:
This trade is going very nicely.. up about 23% and the waves are clear and well behaved, sitting nicely within the pitchfork. Current target is 274k for 55% gain.
Comment:
GVT pumping hard after Huobi announcement today. Already 44% up on this trade in just 8 days.
We still don't know if the ABC has been completed or if we are just now on the B. I have to assume the latter and be ready to exit at the next resistance level. However if volume and momentum builds and the BTC break happens in the next 24hrs then I will just add to the long as we go through the 193k level.