GRT BEARISH?
Well overall structure is still bullish but we can see some correction which is pretty healthy for the market if you ask me, so why now what's going on why fall, I will give you a few reasons while doing that I will try to keep it simple as always
R1. Structure exhausted- the DB set up in weekly TF is done and smart money traders has left the train waiting until signs of growth or continuation is seen
R2. We saw GRT hit a major resistance very strong supply zone but the lower area of the resistance at 0.4955 the upper of said resistance is at 0.6998 ish area.
R3. This token has been over performing so at point it's gonna get pretty heavy(overbought)
Now despite as this there's always a light at the end of this tunnel it's not all room and gloom, so why keep Faith you ask.
1. GRT is already showing signs of continuation currently a possible bull flag if it changes I will update you guys.
2. Correction leads to more growth and higher price
3. we already in a bull cycle so .....
4. Looking at BTC dominant chart it's going to be nice if it plays out (nice for alts I mean ☺️)
So this growth will continue when the correction breaks out of the flag assuming it uses what we see on the daily currently.
So with this current set up the buy region 0.6 on the fib normally I'd opt for the 0.5 but I feel the buy region would from 0.3000-0.2819 look for buy setup around that areas, will update the chart if anything changes, for now this is what it is saying. Trade safe, lemme know your thoughts in the comments section all questions are welcome.
R1. Structure exhausted- the DB set up in weekly TF is done and smart money traders has left the train waiting until signs of growth or continuation is seen
R2. We saw GRT hit a major resistance very strong supply zone but the lower area of the resistance at 0.4955 the upper of said resistance is at 0.6998 ish area.
R3. This token has been over performing so at point it's gonna get pretty heavy(overbought)
Now despite as this there's always a light at the end of this tunnel it's not all room and gloom, so why keep Faith you ask.
1. GRT is already showing signs of continuation currently a possible bull flag if it changes I will update you guys.
2. Correction leads to more growth and higher price
3. we already in a bull cycle so .....
4. Looking at BTC dominant chart it's going to be nice if it plays out (nice for alts I mean ☺️)
So this growth will continue when the correction breaks out of the flag assuming it uses what we see on the daily currently.
So with this current set up the buy region 0.6 on the fib normally I'd opt for the 0.5 but I feel the buy region would from 0.3000-0.2819 look for buy setup around that areas, will update the chart if anything changes, for now this is what it is saying. Trade safe, lemme know your thoughts in the comments section all questions are welcome.
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.