CryptoByDAY

What is a Falling Wedge? Newbie Case Study : $GNT

POLONIEX:GNTBTC   Golem / Bitcoin
If you're new here, you've probably heard a ton about various terminology that indicate the past, current, and future trends of particular cryptocurrency. Additionally, you've probably heard that these terminologies indicate whether or not a trend is "bearish"(Downward) or "bullish"(Upward).

In this case study, we will examine and dissect $GNT's and how its formation pattern indicated a future increase in price.

GNT'S Falling Wedge

A falling wedge is when the price makes lower lows and lower highs with the resistance line being steeper than the support line. Every new low is created with loss of momentum, signalling of underlying strength.

Between the yellow lines, we observe this formation pattern.

There are two variations and we will be observing variation #2: The Bullish Continuation

The bullish continuation is when price breaks above the resistance line of the wedge and continues on it's bullish formation. The target price should be the height of the wedge measured up from the breakout point.

In this case, our target for $GNT is 6000-6500 Satoshi.

Happy Trading and here is a video for reference!

Constructive Criticism is preferred! Compliments welcomed aswell :)

REFERENCE IS LINKED FOR GRAPHICAL OVERVIEW OF THIS CONCEPT-





Trade ist aktiv: Target 1 Hit: 6k Satoshi Reached
Target 2: 6500 Satoshi
Target 3: 7000 Satoshi
Target 4: TBD
Kommentar: Great buyback/ reloading opportunity on GNT!
The only real reason for the reversal was those wanting to get a free dividend in the form on a BTC fork, the reversal shows majority kept and are in this for the longterm.
Antworten
CryptoByDAY GurpreetSangera
@GurpreetSangera,Very good analysis. I strongly feel as if the long-term will reap massive benefits for the individuals able to preserve and HODL
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