Did you catch the wave of GMT today? I got caught in the uptrend as I was expecting it to crash but man did it break out! I had enough funds to bring my price up but I'm not gonna lie, it almost hit my CL! This situation was too close for comfort. Thankfully my strategy pulled through and i got to ride the pullback back down!
As always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed. Let's head on over to BTC!
BTC Situation
The downtrend from yesterday was stopped in its tracks! It is currently consolidating below the area of value, but let's not be complacent. To me, this looks like another dump is imminent. So if you're bullish, err on the side of caution.
My Trades Today
GMT
As I mentioned earlier, GMT did a solid run up that got me worried for a moment, but then went crashing back down, suggesting a false breakout. This was pretty intense for my taste as I mentioned earlier, I was expecting GMT to go back to 3 area, but it went completely south of my plans. Thankfully I averaged up on my short in the planned tranches and that got my overall value up there. Once it started crashing I actually sold early as the stress was a lot for me. If I had sold when my strat told me to do so, I would've earned around 4x more! All's well though as the saying is, gain is gain!
It's funny how yesterday I mentioned "It'd go from 3 to 3.3 area for a while as it consolidates there before the next huge pump." It did exactly that but it wasn't time yet. Now the statement is still true but I think a dump is more likely, based on the hourly MACD.
Tomorrow's Watchlist
GMT
GMT is still the playground to be in with the huge volume of over 2B USD. I expect a consolidation to occur once again or breakdown. Let's be safe and err on the side of caution!
Credits
- Charts taken from Tradingview.com and Binance
- Pictures made using Canva.com