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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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.Trade active
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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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.Trade active
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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.