GAS/USDT - Speculative or long term hold?
I have followed two people on Trading view Goldbug1 and Alan Masters- both have cult status. They have different styles of trading but they are a wealth of great information and are a large part of my success. Alan posted a tech chart on GAS and it made me a little more curious.
I took the trade as a speculative day trade - however when I anaylsed the chart again I found it has massive profit potential.
Rarely have I seen a chart as weird as this price fell comet like as soon as this ICO was listed- more like water than gas.
History tells me that price will always revert to mean reversion that is - 50% of the rise or fall.
The parallel channel gives me a clue. It's not a perfect channel price barely respected it. However, price is now clearly broken the downward support line changing the trend from a bearish consolidation to a bullish breakout.
8 years of trading taught me how to measure and take profit where most of the bulls and bears will.
Measure the channel and double it - this is the first target= 4.764 Fib extension of the 1st corrective wave after the decline and the 0.618 of the 1st daily candle.
I took the trade as a speculative day trade - however when I anaylsed the chart again I found it has massive profit potential.
Rarely have I seen a chart as weird as this price fell comet like as soon as this ICO was listed- more like water than gas.
History tells me that price will always revert to mean reversion that is - 50% of the rise or fall.
The parallel channel gives me a clue. It's not a perfect channel price barely respected it. However, price is now clearly broken the downward support line changing the trend from a bearish consolidation to a bullish breakout.
8 years of trading taught me how to measure and take profit where most of the bulls and bears will.
Measure the channel and double it - this is the first target= 4.764 Fib extension of the 1st corrective wave after the decline and the 0.618 of the 1st daily candle.
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