Genesis Vision: Trading idea in the run up to platform launch
ที่อัปเดต:
Genesis Vision will launch their live platform in October and there is likely to be price action in the run up to this event. See blog.genesis.vision/product-development-plan-85f1bd03bbe4 for more details on the product development.
It looks like GVT bottomed out in mid August and has since commenced the climb back up in advance of this event. An Elliot Wave count suggests that the move so far was all just Waves 1 & 2 (I can't count 1,2,3,4 without wave 4 overlapping wave 1), in which case there is big scope for growth if the impulse continues (which it likely will, supported by the hype around the launch). Wave 2 has retraced just over the 0.5 fib and I think we can expect wave 3 to between the 1 and 1.618 extension. There is a line of prior resistance at 149k sats so I think we can target this price point by mid to late Sept - around a $10.40 price (or maybe more depending on BTC) vs today's $6.10. This will be a high risk, high reward trade with potential 70% gains, but realistically need stop loss under a prior support level at 77k sats (~11% loss).
Volume is currently not great, I'm going to watch this one over the next 24hrs and look for an entry - we could still see this come down to 78k sats to complete the 2 at the 0.618 level (or event lower depending on BTC).
It looks like GVT bottomed out in mid August and has since commenced the climb back up in advance of this event. An Elliot Wave count suggests that the move so far was all just Waves 1 & 2 (I can't count 1,2,3,4 without wave 4 overlapping wave 1), in which case there is big scope for growth if the impulse continues (which it likely will, supported by the hype around the launch). Wave 2 has retraced just over the 0.5 fib and I think we can expect wave 3 to between the 1 and 1.618 extension. There is a line of prior resistance at 149k sats so I think we can target this price point by mid to late Sept - around a $10.40 price (or maybe more depending on BTC) vs today's $6.10. This will be a high risk, high reward trade with potential 70% gains, but realistically need stop loss under a prior support level at 77k sats (~11% loss).
Volume is currently not great, I'm going to watch this one over the next 24hrs and look for an entry - we could still see this come down to 78k sats to complete the 2 at the 0.618 level (or event lower depending on BTC).
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This looks like it could be a much better ABC count than before, if we see it come down from here below 82k that would be confirmed. Volume continues to tail off so I think that is likely. In that case trading the 0.618 would mean an entry around 78k to 82k in the next 2 - 5 days. Need to consider that this could also come down to the 0.786 around 70k, so perhaps DCA entry from 80k to 70k would make sense.บันทึกช่วยจำ
The first count was probably right, this is looking like a decent setup. Possible subwave count below. I'm waiting for a possible pullback to the lower side of the pitch fork to enter to trade subwave 3, from around 97k - 98k.บันทึกช่วยจำ
It's possible that this is still a valid count. Very deep retrace for subwave 2, beyond the 0.786. So we'd be looking for a wave 3 possibly as far as 120k sats followed by a shallow retrace in wave 4.ปิดการเทรด: ถึงเป้าหมายการทำกำไร
We hit the target very nicely and quite precisely, even ahead of time. We have resistance here at 155k and I would now expect a retrace to complete a wave 4. This could be anything from 0.382 to 0.618, indicating a buy zone to go long again between 111k and 128k sats. For wave 5 we can target the next resistance at 197k for another potential 60% gain.As always if BTC drops hard it could kill the sequence but this one has been fairly resilient so far and I wouldn't expect any major problems unless we go sub 5500.
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