GXChain (GXS) : Will the new year be as good as December?
GXCHain has been on a heck of a run in December rallying from about $0.60 to a high of $5.75.
GXS hit our radar in late November as our internal bot generated a signal on Nov 29. Since then, the price action is hinting at some bullish vibes.
For example, from the December high, price dipped down to the 61.8% retracement level on December 15. The strong rebound from there hints the market is respecting the geometry. Prices have been in a sideways range between $1.66 and $2.88 since.
These sideways ranges can act like periods of consolidation to digest the previous gains. The sideways ranges are meant to frustrate and wear out buyers.
Fortunately for us, the size of the range is large enough that we can make a trade in the range.
On Dec 29, GXS broke above trend line resistance (blue line) and has retraced back to this blue line. This price zone is also guarded by the 78.6% retracement level. For those unfamiliar, the 78.6% retracement level is seen as the retracement of last resort. If this level doesn’t hold up pricing, then GXS likely falls below $1.66.
So, our trading idea is fairly simple.
Buy near current levels. Risk is set at $1.66. TP1 is $2.27; TP2 is 2.86; TP3 is $5.70.
Good luck!
GXS hit our radar in late November as our internal bot generated a signal on Nov 29. Since then, the price action is hinting at some bullish vibes.
For example, from the December high, price dipped down to the 61.8% retracement level on December 15. The strong rebound from there hints the market is respecting the geometry. Prices have been in a sideways range between $1.66 and $2.88 since.
These sideways ranges can act like periods of consolidation to digest the previous gains. The sideways ranges are meant to frustrate and wear out buyers.
Fortunately for us, the size of the range is large enough that we can make a trade in the range.
On Dec 29, GXS broke above trend line resistance (blue line) and has retraced back to this blue line. This price zone is also guarded by the 78.6% retracement level. For those unfamiliar, the 78.6% retracement level is seen as the retracement of last resort. If this level doesn’t hold up pricing, then GXS likely falls below $1.66.
So, our trading idea is fairly simple.
Buy near current levels. Risk is set at $1.66. TP1 is $2.27; TP2 is 2.86; TP3 is $5.70.
Good luck!
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