Long

GBYTE - Symmetrical Trianlge, Will it Break Out

By j0nesy1977.mj

Updated

I'm watching GBYTE closely and am slightly bullish on it. There are some good signs, it has a medium term uptrend and there seems to be a symmetrical triangle forming. Other signs include a recent golden cross and an inverse hammer which hint at an uptrend which looks to be eventuating...

It looks to have broken the symmetrical triangle, however, I think it will be a failed break out due to it being over bought and due to the lack of volume. There are plenty of options for other similar symmetrical triangle to form and for it to break out. I wouldn't be surprised if some volume returns to the market next week and we see it break out. If it does I believe we are in for a very big price increase.

I'll keep monitoring.

Note

NOTE: Found a mistake on my chart. The callout should read "overbought" not oversold.

Also, a long red candle is forming which could further indicate a failed breakout is likely.

Note

Confirmed failed break out and still over bought. No trade yet, will keep watching for a while yet and don't expect much action until the market recovers. Which is anyone's guess.

Order cancelled

I don't believe this analysis is valid any longer. It has broken the triangle on both the top and the bottom. I won't be watching closely any more and will not be entering a trade in the foreseeable future.

j0nesy1977.mj

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