BEST TIME TO BUY GROK?
As i was taught, the best time to buy is when others are fearful and the masses have sold their losing positions and walked away with their tail between their legs
Only then will you see a true reversal occur
This move down looks manipulated to me and is likely a move to stop out over leveraged long traders and get rid of the jeets that do not like to hold on to losing positions understandably, that is how the human brain thinks and reacts based on trading psychology
Seeing as Bitcoin and other tokens are in the green today i can see this making a break to the upside in spectacular fashion over the next few days/weeks/months
Taking note of the time of the month too we are 1 day away from a monthly candle close so a wick seems very likely
Selling pressure is decreasing, we have a bullish divergence on the RSI indicator and we have just tapped the 61.8% golden fibonacci ratio which more often than not gets lots of support from early buyers re buying the dip
If this fibonacci fails to hold then i would be looking at GROK possibly heading to make a new low or a double bottom at its all time low on this chart
All depends on the fundamentals too, we have to remember GROK is a meme coin with no roadmap and no team, their twitter account was suspended not long ago, and a while back ZachXBT exposed their twitter account for having launched a crypto scam previously
They have an extremely toxic community which is very bad for a supposed COMMUNITY DRIVEN project too which is not ideal in this situation
Make sure to keep up to date with everything you can and the liquidity pool is also handy to have on watch in case of sudden large removals
Thanks for reading!
Only then will you see a true reversal occur
This move down looks manipulated to me and is likely a move to stop out over leveraged long traders and get rid of the jeets that do not like to hold on to losing positions understandably, that is how the human brain thinks and reacts based on trading psychology
Seeing as Bitcoin and other tokens are in the green today i can see this making a break to the upside in spectacular fashion over the next few days/weeks/months
Taking note of the time of the month too we are 1 day away from a monthly candle close so a wick seems very likely
Selling pressure is decreasing, we have a bullish divergence on the RSI indicator and we have just tapped the 61.8% golden fibonacci ratio which more often than not gets lots of support from early buyers re buying the dip
If this fibonacci fails to hold then i would be looking at GROK possibly heading to make a new low or a double bottom at its all time low on this chart
All depends on the fundamentals too, we have to remember GROK is a meme coin with no roadmap and no team, their twitter account was suspended not long ago, and a while back ZachXBT exposed their twitter account for having launched a crypto scam previously
They have an extremely toxic community which is very bad for a supposed COMMUNITY DRIVEN project too which is not ideal in this situation
Make sure to keep up to date with everything you can and the liquidity pool is also handy to have on watch in case of sudden large removals
Thanks for reading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.