【GTC 1H】After the Korean exchange listing news, it gave back nearly 40% over the past day
$GTC surged to 0.393 last night after Upbit listed it. It’s now at 0.2465 (Binance, 17:30), down 37% from the high, though still up 49% over 24 hours.
My view: The positive news has already been priced in. I wouldn’t chase here; I’d wait for a pullback to support before considering a small position.
Three pieces of evidence:
① The overall structure is still rising. The current price is right at the 0.618 retracement level of the upswing, at 0.2469, where buyers and sellers are battling it out.
② Volume and price show declining volume on the rebound and rising volume on the drop. The 08:00 candle this morning saw a volume spike and plunged to 0.234; selling pressure may not be over yet.
③ Futures trading volume is 530 million U, 17 times spot volume. The funding rate is -0.0546%, meaning shorts are paying. Leverage is driving the market, so sharp wicks in either direction can happen quickly.
Plan 1 (primary): If the 0.2257–0.2358 support zone holds on a pullback, consider placing a small long order around 0.230, with a stop loss at 0.2156 and a first target of 0.2748 (the 0.5 retracement level).
Plan 2 (backup): If it breaks below 0.2156, don’t buy yet. Wait until around 0.2071 (the 0.786 retracement level, which coincides with MA99 at 0.2058) before placing a long order, with a stop loss at 0.198.
Invalidation: A 1H close below 0.198 would indicate that the listing-driven rally is over; admit the trade is wrong and exit.
After a Korean exchange listing, would you wait for a pullback or avoid the coin altogether?
Source: TokenPost, Binance market data
$GTC #技术分析 #Altcoins
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.
$GTC surged to 0.393 last night after Upbit listed it. It’s now at 0.2465 (Binance, 17:30), down 37% from the high, though still up 49% over 24 hours.
My view: The positive news has already been priced in. I wouldn’t chase here; I’d wait for a pullback to support before considering a small position.
Three pieces of evidence:
① The overall structure is still rising. The current price is right at the 0.618 retracement level of the upswing, at 0.2469, where buyers and sellers are battling it out.
② Volume and price show declining volume on the rebound and rising volume on the drop. The 08:00 candle this morning saw a volume spike and plunged to 0.234; selling pressure may not be over yet.
③ Futures trading volume is 530 million U, 17 times spot volume. The funding rate is -0.0546%, meaning shorts are paying. Leverage is driving the market, so sharp wicks in either direction can happen quickly.
Plan 1 (primary): If the 0.2257–0.2358 support zone holds on a pullback, consider placing a small long order around 0.230, with a stop loss at 0.2156 and a first target of 0.2748 (the 0.5 retracement level).
Plan 2 (backup): If it breaks below 0.2156, don’t buy yet. Wait until around 0.2071 (the 0.786 retracement level, which coincides with MA99 at 0.2058) before placing a long order, with a stop loss at 0.198.
Invalidation: A 1H close below 0.198 would indicate that the listing-driven rally is over; admit the trade is wrong and exit.
After a Korean exchange listing, would you wait for a pullback or avoid the coin altogether?
Source: TokenPost, Binance market data
$GTC #技术分析 #Altcoins
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.