GRT/USD - Consolidating before new push up!
GRT has maintained its price very well above $1.5 which has acted as strong support and most recently we did not even touch it before buyers came in strong.
On 4h GRT is looking bullish so I expect us to push at least up to the diagonal resistance just under $2. Once there we may be rejected before we can push up again.
Nevertheless, GRT is very bullish as it has maintained its price very well and I'd expect us to break out of this descending triangle eventually. On daily the indicators are still bearish slightly so we need a bit more consolidation before we can turn back up and push higher. Volume is also lacking as we wait for this formation to break.
Once we break, it's important to push higher than $2.3 as there we have a resistance at Fib 23% and previous highs.
One we clear that, ATH re-test is next and possibly higher. I would not be surprised for GRT to move towards $5 long term.
The bearish case is activated if we crash below $1.5, but I find that very unlikely. Hence my bias remain bullish so long we are above this key support.
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On 4h GRT is looking bullish so I expect us to push at least up to the diagonal resistance just under $2. Once there we may be rejected before we can push up again.
Nevertheless, GRT is very bullish as it has maintained its price very well and I'd expect us to break out of this descending triangle eventually. On daily the indicators are still bearish slightly so we need a bit more consolidation before we can turn back up and push higher. Volume is also lacking as we wait for this formation to break.
Once we break, it's important to push higher than $2.3 as there we have a resistance at Fib 23% and previous highs.
One we clear that, ATH re-test is next and possibly higher. I would not be surprised for GRT to move towards $5 long term.
The bearish case is activated if we crash below $1.5, but I find that very unlikely. Hence my bias remain bullish so long we are above this key support.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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