Hey, so I think I found a strong channel and I'm looking for feedback. Common sense (and studying smarter people's charts) tells me that if it breaks out of this support structure today, which it looks like it's gonna do, it will probably (maybe) maintain that general trajectory.
I think we'll see 5.00 within three weeks, but that is the foolish dream of a naive man-child.
Please be brutally honest! I can handle it.
Kommentar
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So the 2.000 resistance has become a support line and it's still squeezing into the tip of the triangle. Could THIS be it? We'll see.
I think you have a similar analysis as most others that have noticed this triangle forming and the ascending channel. Some things to point out, on the Daily, MACD is indicating a cross on the hist., and there are a lot of technical updates the GRT team is doing. All these things sound bullish, but there is a strong resistance formed at $2.13 and rightly so because from a bearish perspective if you draw the fib channels top down, there is a 0.382 fib level that lines up exactly on point with that mark (from highest high to most recent low at $1.3). That price point, $2.13 has been the bouncing retest point in the last push and now its a resistance point.
Basic fib strat indicates that price likes to stay between 0.382 ,0.618, and 0.786. (ofc 0.5 and 0.618 being the most common bounces as they are in the middle) - applying this logic, a drop to $1.54 is very possible if BTC does not hold.... and BTC's MACD on the daily is coming to an exhaustion for the bulls, slowly showing a down turn within a few days.
I.e., if BTC breaks down, I would place a buy for GRT $1.54 (20% buy), and $1.3(40% buy) as this level is the last lowest low, and $1.085 (65%) as this is the 0.786 level of the Fib channel which ranges between all time high and all time low.
Bullish wise, the next push is to $2.88, and this might sound wack, but $9.96 after that. However, that $9.96 ain't happening anytime soon. BTC needs to moon to 80k for that.
I make these analyses on my account as well. Glad to see yours.
BARSTrading
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@Rizwan123456, blue is a bearish perspective top down, black lines are from all time low to all time high, you can see its following the blue very very nicely.
rxmani11
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would we see 3 tonight??
DrCoinelius
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@rxmani11, You should know that I'm new at this. There are MUCH more experienced people with ideas that you should compare with this one.
But I can say with authority that if it breaks through the triangle and the upper channel, and there is a lot of volume, and it's hurtling directly towards the target, and it passes 2.9987, and btc is still looking good, and somebody makes a meme, and somebody else tweets about it, then there is a small chance we could see 3 tonight!
neo1216
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@DrCoinelius, where is the MEME army - I am GRT - I think we will test 3 tonight or early morning - make sure to TP - been with GRT since .23
Basic fib strat indicates that price likes to stay between 0.382 ,0.618, and 0.786. (ofc 0.5 and 0.618 being the most common bounces as they are in the middle) - applying this logic, a drop to $1.54 is very possible if BTC does not hold.... and BTC's MACD on the daily is coming to an exhaustion for the bulls, slowly showing a down turn within a few days.
I.e., if BTC breaks down, I would place a buy for GRT $1.54 (20% buy), and $1.3(40% buy) as this level is the last lowest low, and $1.085 (65%) as this is the 0.786 level of the Fib channel which ranges between all time high and all time low.
Bullish wise, the next push is to $2.88, and this might sound wack, but $9.96 after that. However, that $9.96 ain't happening anytime soon. BTC needs to moon to 80k for that.
I make these analyses on my account as well. Glad to see yours.