GRT is still in this wonderful accumulation zone, and I hope that you all have had a chance to grab some here.
There is a good enough case to say that this is the bottom, but there is also a good enough case to say that this is just a stop before one last washout, too. The Fibonacci's are giving me a good suggestion that these potential ideas may play out.
I do think that this is at least an intermediate bottom where we will see a nice sized recovery rally. This could serve as an area for a big swing trade, or also a good area to just accumulate for the rest of this cycle once it resumes.
This idea is anticipating a potential recovery rally to the top of this accumulation zone at approximately 90 cents to 1.00 area. This would be where it may fail at the trendline and S/R.
I would think there is a good possibility that we do a bigger recovery rally where we test the major S/R in the 1.20-1.50 area. Then if that fails (where BTC fails to establish support above the 20 week MA), this would provide us the trip down to the final washout destination, which I think could be anywhere from 10-30 cents.
Of course, we may just go bullish from here, or we may just collapse and die, too.
This is my personal plan, and hope that it is helpful.
Thanks!
There is a good enough case to say that this is the bottom, but there is also a good enough case to say that this is just a stop before one last washout, too. The Fibonacci's are giving me a good suggestion that these potential ideas may play out.
I do think that this is at least an intermediate bottom where we will see a nice sized recovery rally. This could serve as an area for a big swing trade, or also a good area to just accumulate for the rest of this cycle once it resumes.
This idea is anticipating a potential recovery rally to the top of this accumulation zone at approximately 90 cents to 1.00 area. This would be where it may fail at the trendline and S/R.
I would think there is a good possibility that we do a bigger recovery rally where we test the major S/R in the 1.20-1.50 area. Then if that fails (where BTC fails to establish support above the 20 week MA), this would provide us the trip down to the final washout destination, which I think could be anywhere from 10-30 cents.
Of course, we may just go bullish from here, or we may just collapse and die, too.
This is my personal plan, and hope that it is helpful.
Thanks!
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Also, to be noted, it does look like GRTUSD is forming a W formation in this accumulation area, which indeed is bullish.
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This almost does look like a developing double bottom - and that would have confluence with a move to the area that I have been suggesting - 1.20ish, to maybe 1.50ish if they over-extend it.
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If you want to think ahead and say that this looks like a developing double bottom, the measurement from the bottom to the neckline (excluding wicks) takes us to 1.20 on an upward move, which is where I thought that a relief rally may take us to.
If you want to think ahead and say that this looks like a developing double bottom, the measurement from the bottom to the neckline (excluding wicks) takes us to 1.20 on an upward move, which is where I thought that a relief rally may take us to.
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See comments below - someone had mentioned .33-.38 cents - I was able to come up with confluence at 36 cents.
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Looking good so far today - If we get a big relief rally in Bitcoin, which I think that we will - shorts are still super high and we've had a small breakout of the symmetrical triangle on BTC - short squeeze very likely - 1.20-1.50ish if we can make it out of this accumulation zone for GRTUSD.
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We knocked on the 72 cent resistance door again, temporarily got rejected - I think that we break it this one once we test local support again.
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Looking good - we should be headed to test the top of this accumulation area, and possibly the trendline soon. Perhaps the 1.20 resistance soon-ish, too.
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Honestly looks like GRT comes back down close to the bottom of the accumulation area - BTC looking weak, too. We will need to hold support around 56-57 cents if we come down here IMO.
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but maybe BTC pumps, and we don't re-visit the bottom of this accumulation range - same price action in BTC
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I think we do get another crack at the bottom of this accumulation area - upper 50's low 60's (cents)
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I'm keeping trading active as I see this is one good area to accumulate/average in to GRT. We are headed back toward 60 cents as it appeared we might yesterday. We were rejected at the local downtrend, and we may not get the recovery rally, and may in fact go for lower targets if BTC doesn't stay in this 30-40k range.
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there is some nice confluence in the mid to upper 30 cent area.
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this could also be what they turn the triangle into.
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we went to upper 50's/low 60's as expected. Support holding so far.
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I have buys from 20 cents to 40 cents if we get another push down. Still highly considering this accumulation area may be the bottom, too.
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Come on market makers, give us this ideal scenario!
