GRTBTC trade ideas
$GRT $BTC | LONG - The patience retestBINANCE:GRTBTC
This is another coin to watch to see how it responds to a test of previous resistance.
Strong rejection is what we'd ideally be looking for.
Exits targeting confluence of Fib retrace & highest volume nodes on the volume profile visible range.
Worth noting we've formed a lower high and a higher low so wouldn't be surprised if range were to tighten before we saw a significant break.
Too Early to Enter GRTIn the current structure, we are still seeing lower highs and lower lows, so by definition it is still in a downtrend.
It has formed a minor trend line which it has been rejected from with decreasing volume each time.
If it breaks from this minor trend line, it will have a major trend line to break as well.
The easiest setup to look for is if it breaks through the major trend line, and retests it.
This is drawn on the chart but is not guaranteed to happen. Something like this will offer a nice risk/reward ratio if it does happen.
It doesn't make sense to enter right now. You are better off waiting to see what happens first.
Since it is at the bottom of the 0.786 of its major move, a reversal would mean a lot and offer a profitable trade
and a potentially nice long term position.
Round 2? Thanks Bitcoin...Due to Bitcoins run up our break out was denied. If this 2h candle cant close above the 0,0 Fib line I believe we will be looking for lower lows. However, if it can close above it we will then begin our Break out up and end profit goal will be 0.00003292 Before hopefully another step up or more consolidation.