Gala offered a shorting opportunity on a recent bounce, but the downtrend… - Aliens: AI Crypto News & Markets Updates

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Gala offered a shorting opportunity on a recent bounce, but the downtrend…

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AMB Crypto

Fri, Jan 14, 2022

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Aliens TLDR

At the time of writing, the price found some liquidity in the $0.37 area (red box), the December lows where buyers hoped for a bullish reaction.

It was also an area where the price rallied strongly from in late November.

However, the buyers were exhausted, and the price crashed straight past this area to visit $0.308 lows.

After the failure of $0.37 to hold, it was likely that the next few days, or weeks, would see GALA drop to test the $0.241 area in search of buyers.

In the past, the RSI below 40 generally saw strong bearish pressure on GALA.

Therefore, if the EWO formed a higher low in the coming weeks, and GALA was at or near the $0.24 area (higher low on the indicator but lower low on the price, a bullish divergence) then it would likely be an indication that buyers were beginning to reverse the trend.

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