Cryptocurrencies

GVT technical analysis

GVT seen from the temporality of 1D we can observe the setup of an ascending triangle, having the resistance in the 4773, the price in the last candles has realized the breaking of the resistance of fall where it seems to have tested correctly like support after the throwback.

GVT seen from the temporality of 4H we can observe the formation of a cup & handle, the pattern should be completed by breaking the major figure reaching our take profit which is located within the price range of 5582 – 5690.

GVT seen from the temporality of 1W we can observe how the previous candle has closed above the support located in the 4409, the current candle has tested the support of the horizontal and the trend, the current bull candlestick structure has occurred after the signal left by the inverted hammer candle with long wick.

GVT has excellent fundamentals with coin burning ahead will have a significant impact on its value, apparently GVT will burn one coin for each remaining quarter of the year 2019.

In conclusion, it is a good time to buy GVT, the setup shown in the chart is bullish, the price is respecting the supports very well, the price should not fall beyond the diagonal trend as it would invalidate the major figure, we must be attentive to what happens in 4H in the coming days, a break with strong volume of resistance of 4773 and the price will push up very fast.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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