Get started
The Graph
Long
Updated

Another Attempt at the big recovery Rally GRT/USD

574
Since the last setting of GRT - it looks as if it has developed another large falling wedge.

If we are able to break out from it - we could potentially see an 86%ish move from the break-out point.

There are of course plenty of S/R pitstops on the way, but that is assumed/baked in of course.

We need to establish S/R on top of this wedge - where currently getting above the 62-69 cent area would be important. Then you have the 75 cent resistance to establish as support - where the new S/R zone would be from 75 cents to 97 cents or thereabouts.

I still have the same view that we may go over a dollar again on this recovery rally - my bias is that we will then fall again market wide once this recovery rally is over. BTC would then need to put in its real bottom, and same for the alt coin market cap.

Plenty of areas of S/R added on this chart as potential targets.

Thank you!
Note
IDK that BTC is going anywhere yet, though.
Trade active
snapshot The BTC side went heavily oversold, and decided to show some life - maybe we break out of this wedge soon.
Note
snapshot on the other side of the "coin," BTC is at critical resistance, and has a gap to fill close to 32500 - 34500ish. So, just keep an open mind either way right now.
Note
snapshot If you really wanted to use your imagination - you could say that this is an ascending triangle that BTC sits in currently.
Note
snapshot the oversold BTC side of GRT seems to want to stay alive - so with BTC threatening a retrace, this should all be quite interesting.
Trade active
snapshot For anyone looking for entry - I think that BTC is in fact going to retrace - just how far? So, locally, assuming that we stay in this wedge and don't go into the abyss - 52.5 cents is nice support - the local 618 pocket is about 53-53.5 cents. 2 areas that we may find support. We may visit the bottom of the wedge which would take us to 47-48 cents again, too.
Trade active
snapshot I guess that you could call this a short term rising wedge that GRTUSD is in, within this bigger term falling wedge.
Trade active
snapshot So - if you're looking for lower entry on GRT - you're probably going to want to see that lower trendline in orange get broken, to confirm that they will take it down lower. Right now it is up in the air.
Note
Otherwise, the BTC side does look like it wants to stay alive, at least for now. A lot of volume came in on this last pump - so please just keep an eye on GRT and watch what it does.
Trade active
snapshot and the BTC side of GRT continues to be alive and well, and seems like it wants to continue to do so. BTC looks ambiguous as hell. So, trade at your own risk : )
Trade active
snapshot we retraced to the trendline and 55.5 cent support.
Trade active
snapshot they're trying to establish the top of the wedge as support right now. The initial bounce will be into the 75 cent resistance - then 85 cents and 95 cents as further resistance areas. The BTC side of GRT looks alive - and BTC may take some time on its retracement - this will be a fun one to watch/participate in.
Note
assuming that the bounce happens that is. (from update above.)
Trade active
snapshot It looks as if the wedge is holding as support - and the targets for me from here are 75 cents, 86 cents, 96 cents, and 1.20 to fulfill the falling wedge measured move. BTC is looking shaky, but it may go slow enough to allow GRT to do its move now.
Note
The "sandbox" for GRT is up to the .96/1.00 area IMO, so that will be a tough barrier. If we can break through that - 1.20 is wide open to hit.
Trade active
snapshot BTC may just ruin this, though. It is looking hopeful, but I am still bearish on BTC mid term. The hope is that GRT can fight BTC, or do its move quicker than BTC decides to retrace.
Trade active
snapshot so far so good - GRT may be able to make it to 86 cents - which is also close to the big picture downtrend. The falling wedge I think is good for 1.20 - but some say that it is only good to get back to the top of the wedge, so 97 cents may be the top for this move.
Trade active
If BTC heads down lower to 32-34k, and it holds, then I'd possibly be looking to grab more GRT around 57 cents, 52.5 cents, and the 40's.
Trade active
snapshot Targets 1 and 2 were reached. We peaked out of the big picture downtrend for now. Market is looking re-tracey this morning, so you might be able to buy back some GRT if you'd taken profits.
Trade active
snapshot If we retrace from here, and it isn't the end of the market for right now, that 62 cent area is looking good yet again I think.
Trade active
snapshot If this isn't the end of this market rally - I'd say that 62 cents, or maybe even 52.5 cents depending on how badly they bring in a correction - if those areas hold - I'm pretty sure we go for the $1.20 area - and then the $2.00 area.
Note
Correction - then MAYBE the $2.00 area depending on how crazy they want to make people FOMO. The $1.20 area I think is highly likely if we don't crash and burn.
Trade active
Target 3 has pretty much been hit - it was 97 cents - we came within 3.5% of it.
Trade active
snapshot Everything pretty much going as planned - we confirmed support on the wedge, then confirmed support on the macro downtrend - took out 75, 75, and pretty much 97 cents almost. The Wedge Measurement lines up with the $1.20 target.
Dawnchorus
Support and ResistanceTrend LinesWedge

Related publications

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.
Support and ResistanceTrend LinesWedge
Dawnchorus

Related publications

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.