A while ago I made an analysis on GALA. This analysis was very short-term and aimed for a reversal trade. In the previous analysis I wrote that I was waiting for a confirmed reversal from the channel's support, which never came since we fell right through on bad CPI data.
Since then, GALA (and many other cryptos) have been trading fairly bearish. GALA has been one of the major losers of the last week with a >30% loss in a couple of days.
However, the pain might be over. GALA broke out of the bullish channel. Assuming that cryptos will regain some strength after facing huge losses, GALA will see more bullish price action.
Targets placed at recent tops. Time frame of the trade is a couple of days.
Happy trading!
Since then, GALA (and many other cryptos) have been trading fairly bearish. GALA has been one of the major losers of the last week with a >30% loss in a couple of days.
However, the pain might be over. GALA broke out of the bullish channel. Assuming that cryptos will regain some strength after facing huge losses, GALA will see more bullish price action.
Targets placed at recent tops. Time frame of the trade is a couple of days.
Happy trading!
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