GXS shares is the 76th ranked Cryptocurrency in terms of market capitalization. There seems to be an important technical pattern emerging on the chart on GXSBTC which could provide trade opportunities for Crypto traders. The 7 February GXSBTC Cryptocurrency trade signal below gives more clues.
07 February, AtoZForex GXS is the 76th ranked coin on CoinMarketCap with market cap of nearly $240 million. The price of the coin pair can be studied on it price chart. The price chart of GXSBTC looks clear and a familiar pattern emerging shows price could drop further. The forecast or idea below should be used as an educational information only and not construed as a trade advice.
In the last 24 hours GXSBTC has lost about 3.4% to trade at 0.0005108 BTC. The price of GXS stands at $4 currently after rallying above $10 in January. The price chart of GXSBTC is shown below analysed with Elliott wave theory.
7 February GXSBTC Cryptocurrency trade signal
GXSBTC Elliott wave analysis, H2 (click to zoom)
The chart above shows price peaking at 0.00076 in mid-January. That could be labelled as the end of wave 1 (of a motive wave) or A of a corrective dip depending on where the wave count starts from.Wave 2 or B is expected downside as a correction of wave 1 or A earlier mentioned. Price dipped to 0.00041 with an impulse wave probably completing wave (a) of of 2 or B. Price rallied upside to 0.00059 to complete what could be wave (b) of 2 or B. What pattern is emerging? A zigzag pattern downside is very likely as price continues downside to complete the bearish correction with another impulse wave (c) as we had in wave (a). That's where the opportunity could lie. If price stays below 0.00059, there should be more dip to 0.00025 target which is about 27000 satoshis away. Stay tuned for the next crypto signal.
About GXS shares
GXS provides a secure, fast, traceable data transaction and credit verification service based on the blockchain. GXChain is in itself a public chain that supports application development and digital currency issuance. We will gradually liberalize GXChain and our data support so that the third parties are able to develop new applications. GXShares are consumed in all application scenarios on GXChain when they are burnt and used as medium of payment. Currently, the incubation recruitment plan for GXChain developers are under way. We provide our support in data startup, financing, platform integration and other fields.
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