GRT: Impulse has failed, but uptrend is intact
Well, a good chance of an impulsive start has been cancelled this week. However, a higher low is still intact. As long as price stays above $0.132, there is still a chance of some kind of an A wave forming. In the coming weeks if we see price retesting the former high at $0.23, then we can expect a wave completion and some kind an inverted head and shoulder formation during b wave. I am still expecting overall crypto market to recover soon here to complete the wave 5 of 1 of various degrees before the next big correction. For GRT, I am expecting price to hit close to $1 by end of this year before a larger correction later this year or early next year. On a macro level, though I believe the bull and bear cycles are getting stretched out as the industry is maturing. It will be a traders market for another few years before the cycle degree wave 3 begins and buy and hold investors will enjoy several decades of prosperity. On the flip side though, a lot of alt coins are very close to no return levels. If those levels breach, then only path is down until 0. Like any other industry, 99% of all crypto assets are likely to fail. But the ones that will survive, will bring in the next golden age just like internet in the 1990s. So, keeps your eyes and minds open to all possibilities. Have some skin in the game but try not to get burned.
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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.