Foreign [Music] Video about Gala I've received a lot of Requests for Gala updates but to be Honest it isn't doing anything really so There is not really much new stuff to to Communicate you know in addition to what I already communicated in previous Videos so these Tas are pretty much Still up to date Um Gala is one of the coins that dropped Too much in this bear Market yeah as you As you know I'm always referring to the 88.7 Fibonacci retracement level here on The linear chart Um we can just need to make sure that This starts at zero the fips because it Was Um gala's first pull run but it doesn't Make a great difference but here that's Where we are you know and um you can see That the price dropped impulsively below The um 88.7 FIP level that is here 10 Cents in May early in may now that is Not good for a coin it doesn't mean the Coin will die necessarily or anything But it is really really bad for the Sentiment it is bad for the sentiment Um and you can clearly see that the Moment when we drop below it I mean we Did go down we retested it from below so There was still a lot of interest there But because the retest was successful
From Below basically confirmed the Previous support level the 88.7 FIB Lever As resistance so it's quite a meaningful Level and when we just have been sliding Down since then and there is no sign of It stopping yes it's slowing down Certainly but most cryptos are slowing Down the downtrend the problem is with Gala it still makes lower low uh lower Lows other coins aren't really doing Lower lows at the moment Um some are but Gala just doesn't stop Yeah Um so yeah there is always a bullish Interpretation in the bearish Interpretation this chart shows quite Nicely why I am generally very careful Without coins especially in the bear Market yeah It just doesn't make sense to just go Very aggressively all in on these Altcoins Um or I mean I I remember I watched a Video of another YouTuber I can't Remember his name but he bought like Tons of Gala I think around I don't know The eight Cent Mark or something Obviously it's key it keeps dropping Um and that is why unless we see a Confirmed bottom in place for some of These altcoins and unless we go back Into a bull run In the crypto Market added coins are
Extremely risky especially the altcoins Which don't really have a very long Chart history and that doesn't have Anything to do with the fundamental side Of things Um because according to fundamentals Some of these projects should really do Really well but no fundamentals are not Making prices it's Market sentiment fee And greed and we're currently in a phase Where sentiment is really really bad Negative fear Um but the problem is that if coins drop Below a certain level it will make it Very hard for sentiment to shift again Yeah which doesn't mean it won't recover Yet a lot of cryptos in the last bear Market also dropped below the 88.7 tip Level they've done really well But it still is the risk because which Of these projects are going to make it And which aren't and then it comes maybe Down to yeah fundamentals if you believe In a project you can of course invest That's entirely up to you however my Personal opinion is as long as we do not See a bullish signal on some of these Charts I'm not going to touch them yeah maybe You know if I'm interested in a project Maybe scaling in here and there with Very low amounts that I wouldn't even You know necessarily Bother if they are lost well I would but
It's not like it would you know it would It would it would it would destroy me or Anything really just small amounts Because that's the whole idea for me for An altcoin is put a little bit in it and Get hopefully a lot out of it some of These art coins maybe 100x yeah and to Be honest honest 100x is not even an Unrealistic expectation for Gala however The condition of course is that it does Recover from the current prices and the Problem that we have with Gala is that If we look at the log chart we see it a Little bit better this could very easy Easily be an ABC structure to the upside Yeah I mean as I said there is a bullish Interpretation there's also a bearish One The problem here is that we have dropped Below um no sorry that we have um yeah Dropped below the 88.7 FIP level on the Linear chart and here this is a very Clear three wave move yeah so it's an ABC so that makes a five wave impulse to The downside quite likely actually which Doesn't really add to a bullish outlook Here and doesn't really give a lot of Confidence about this chart however However Um there are lots of coins which only Topped in three ways and as soon as we See an Impulse down here emerging to the Upside we can get carefully bullish but We don't see that at the moment yeah so
The bullish interpretation would be Wave one to the upside currently a wave Two to the downside probably not Finished yet the next wave would be a Wave three and can take us way above you Know maybe one to two dollars absolutely Uh we can actually measure that and get A Target I would just have to mention be Careful with these Moon counts because Some of these in the past haven't worked Out yeah they are they are the condition For these ears that the chart really Does recover and Target in the newer Term High territory would be around 145 To 180 that's the next all-time high Target yeah for for Gala In a wave 3. bear in mind there will be A Wave 3 and away four and another way Five to the outside that could take us To around 230. so you get roughly maybe 100x out of this Um if it all goes well if it all goes Well so there's no guarantees yeah Especially with the coin that dropped Below the 88.7 tip level so I did Mention it in the in the previous video We've got a descending trend line here You could argue that what we're doing Here all of this is a descending wedge So it's it's a possible bullet reversal Pattern but all a decent in which is it Tells you that the downward pressure is Reducing the sellers are getting Exhausted but no no wonder sellers are
Getting exhausted I mean there is not Much more space to zero okay so it's Quite logical that it can't just keep Dropping like this you know it has to Slow down at some point Um and this is the opportunity we get Here that a break out of the witch could Be an indication that things are Changing here but at the moment we are Just not there yet yeah So purely a retest and a few green Candles and purely a retest from the Wedge From Below won't really help we Need a substantial breakout at this Stage Um and then we have a first indication That a low has been made I mean we're Now at around 2.4 cents uh literally There is no support left I cannot even Define any additional support areas There just isn't anything left if I add The vrp vrvp to the chart There is nothing you know and it may Take a moment to to load Um but there won't be anything because Here all you get is The current price range The start done here basically two cents Um but there isn't any more clusters of Support so it just keeps sliding Um Yeah and it will slide as long as it Slides and to be honest the way we came Down here really looks like a wave three
So if this here was Wave 3 then the move To the upside was most likely away four And then we are heading down in wave 5 And we've already broken below the low Of that third wave which was here 2.9 Cents Um and we just need to wait for reversal Signal now that that's really it you Know and if you really count this in Terms of elite race maybe an ending Diagonal then you could say in this Fifth wave here we have possibly done Something like a one two here a three Four and we could now really see the end Of it Um but then we could say we are in the Fifth wave and within this fifth wave Again here possibly also an ending Diagonal in an ending diagonal but this Is purely a little bit of speculation Now because we really need that signal Into the other direction We could say we had here one two three Four and then five and yeah now we're Waiting for a signal the problem is the Movement of the low at the moment is Very very weak so I'm not convinced that The bottom has been made and I would Only be convinced if I see a proper five Wave impulsive price action to the Upside and three waves down basically a Correction to the downside after an Impulse to the upside and then a break Out out of this range here to the upside
Until then I would really be extremely Careful with Gala because even if we Break out of this wedge to the upside To be honest we are still way below the 88.7 flip level and it is that flip Level that marks the sentiment shift Really so just be careful here uh Anybody who wants to Chuck Chuck some Bits in I mean it's up to you yeah the Advantage at least is that you can put a Little bit in here Um maybe even with a very tight stop Loss because we're we're basically you Know well you could say an all-time low Nearly Um So the invalidation point for any any Anything Buddhist here is basically Below the last low so you could either Use a stop loss or you don't use a stop Loss and you risk losing it all but if You have a very low position size you Might not really uh care if you spread Your risk across different altcoins if You want to do something like that which Is of course risky but you could do that And if five of them survive and five Don't uh five of them survive into 100 x And five of them don't and you just you Know you lose a bit of money but the Other ones with 100x they cover Everything uh easily you know that That's one other strategy but yeah just Be careful with these odd coins and this
Just keeps dropping so it's basically Now unfortunately in a long long Downtrend and has dropped more than many Other coins and that is not good yeah So I think keep an eye on this sort of Two cent level but Uh as long as there is no sign for a Reversal I don't see any reason to be Aggressively lonely or anything okay That's my update about Gala I hope you Liked the update if you did please hit The like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye [Music] Foreign [Music]