What is up, guys? and in this blog we’re going to have a look at Is Gala a good investment?, so we’re going to have a look at Gala Games at Bitcoin and at a Gala technical analysis.
Okay, I actually did buy the cent dip right here, but that doesn’t mean I completely stopped accumulating Gala.
I’m just not putting as much money as I would. Okay, sorry, the dip wasn’t right here, it was right here approximately, and I said that I would not pretty much accumulate Gala until it falls below 200 million.
I don’t know if that’s gonna happen. If it doesn’t happen, great. If it does happen, then even great. I’m going to accumulate even more. Gala Games is not Gala Games anymore; they have gallon movies and half gallon entertainment music.
SnoopDogg , partnerships, a lot of things happening, a lot of interesting and cool things happening now that we know Gala is obviously a little bit overbought, not oversold. Sorry, it’s a little bit overpriced right here.
overvalued in my opinion considering that it’s not even altcoin season yet and considering the cap of this was 250 million dollars right a few weeks ago, even less than that 150 million everyone when they got their ear drop of course it was supposed to be a one.
Two one and it wasn’t a one two five anyways that’s for another blog but you can see right here that the volume is starting to increase up 26 in the last 24 hours.
I remember a few weeks ago the gala volume used to be 150 to 200 million dollars. Yeah it was actually a lot I don’t know what brought the volume down maybe it was the gala 2.0 who knows but anyways I’m still bullish on Gala.
Overall in the long term just not in the short term let’s have a look at Bitcoin because we know Bitcoin is skiing before we dive into Gala games real quick. Okay, so if we have a look at Bitcoin we can see right now that Bitcoin is entering a variant porn region.
Okay, so not only dowe have a resistance right here sitting at 32 000 between 32 000 to 30 000 but we also have a trend line and we know guys the trend is your friend until Benz there’s no question and the reason whyI’m starting with Bitcoin is because bitcoin’s King Bitcoin the leader.
Now, what happens when Bitcoin is in the red? Usually all coins are in red as well. This is nothing new; this is very old news, right?
So the reason why this whole market right here on the right side is pumping is because Bitcoin is in green at the very moment, and that’s exactly what is happening right now for Gala, and this is why Gala is up 4.35 in the last 24 hours.
Now, I will only be extremely bullish on all coins once Bitcoin breaks right here, which is 32 000. Okay, if BTC doesn’t manage to break this level right here, then I don’t think we’re going to essentially go above and, you know, have an altcoin season.
Essentially, now we do have a rejection right here. This was the last one. We had some conflict right here. some conflict right here and some conflict right here Okay, so this is clearly a very important point of control for Bitcoin, and overall, that’s about it.
I’m not going to talk too much about Bitcoin because we are going to speak about Gala a TA in just a second, even though at the end of the day Gala does follow Bitcoin and you guys should be using your Bitcoin chart for any altcoin or Gala chart as well.
So if we have a look at Gala real quick right here, you guys can see that it is clearly in a downtrend in the last, uh, day on the Daily time frame. Sorry, we did pick a little bit right here now. I will only be bullish right here on Gala if we essentially break Above This level.
If we don’t break Above This level, then I don’t see a huge uptrend for Gala. Yeah, now we know that when we have a downtrend, we usually have pullbacks.
Downtrend pullbacks Overall, Gala is still in a downtrend, so even though right here we are still in an uptrend or people are calling this an uptrend, it’s not an uptrend; it’s just a recovery or a correction back to the downside, but overall things are still in a downtrend.
All coins are still in a downtrend, so it’s still a bear market until, in my opinion, 2024. It’s still below this resistance right until we fully break above it, and I’m not talking about a fake out right here.
We came back and kissed the resistance line. If we fully break above it, that’s when I’m going to be bullish on Gala, and that’s about it. If we have a quick look at the weekly time frame, we could see that we do have some sort of double bottom, which is bullish.
I’m not gonna lie, but we also have an H pattern, which is like this H pattern is usually very bearish and, that’s about it, so this is a double bottom that I’m talking about right here, which is bullish.
This would be the neckline, right here. If we manage to break this neckline, obviously it’s going to be a clear uptrend or a clear rocket to the upside, but if this is an H pattern right here and we do break the weekly below this region right here.
Whatever you want to call it, or the closure of the Wicks doesn’t matter, then we’re most likely going to make it to the Faller to that, you know, a more downside.
Essentially, that’s what’s happening right here on Gala Games and on Bitcoin. Obviously, at the end of the day, you really want to have a look at Bitcoin to see what it does because, obviously, Bitcoin is King. Bitcoin’s a leader.
There’s no question about that, and if Bitcoin does fall, we’ll most likely only see altcoins bleed again for the second or third time this year.
Overall, 2023 has been pretty bullish, but that doesn’t mean you shouldn’t be, keeping an eye out or placing a stop-loss order. So that is my blog, guys, on Gala, on Bitcoin, and on Crypto.
If you guys like this blog, of course, Leave a like, and I will see you guys in my next blog.
