Not gonna lie, crypto looked like it was going to the dumps when I woke up. Seeing that things were breaking down so bad was expected from my previous analysis, but seeing it happen first hand really sucked.
As always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed. Let's head on over to BTC!
BTC Situation
Yesterday's BTC movement was like a reverse Volatility Contraction Pattern. This showed a solid crash that it reached the 38k area. Thankfully a bounce occurred and it seems to be making its way back to the 40k mark.
My Trades Today
GMT
GMT broke out yesterday but it seems there wasn't enough strength to retest the recent high, as it ran out of steam at the 3.42 area. I shorted the 3.37 and made a quick exit because I had to do some chores, but if I just stayed in the trade based on my setups, I would've been able to enjoy quite a bit of the dump! Currently GMT seems to be making another run up to break the current channel it's in. I expect in the next 8 hours as long as the bullish movement can be maintained, we might see a solid push beyond 3.42. If not, we'll go back to the 3-3.3 area for consolidation.
Tomorrow's Watchlist
GMT
GMT is once again still the playground to be in with the huge volume of almost 4B USD.
Noticed Something?
I'm not trading any other coin except GMT now. I see no reason to split my funds and attention, and instead go in big when my parameters state to do so. I remember the saying, "no one gets rich by spreading their funds too thinly."
Credits
- Charts taken from Tradingview.com and Binance
- Pictures made using Canva.com
Posted Using LeoFinance Beta
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