GRT: Try, try again!
When $1.33 level broke on GRT last week, I was bracing for a freefall. To my surprise, it got support at the little tiny structure between $1.12 - $1.15 from early February. Now that we have a potential reversal, need to watch the fib levels carefully. Volume is a concern. This looks like a short squeeze, rather than strong buying. If it is a short squeeze, then .618 level will be a key resistance and the price might unravel from there. If price drops again, but the blue box holds, it could make some inverse head and shoulder or cup and handle type pattern and that will be super bullish sign. If blue box provides no support, then $1.26 will be the new level to watch. If market as a whole drops and takes GRT with it, then the little tiny structures will not hold. so, in summary:
Bullish things:
1. 4 hr stochastics have moved into bullish territory
2. RSI and MACD looking good
3. 21 period EMA catching up to 50 period EMA. a cross would be really good
Bearish things:
1. Approaching .618 bearish retrace
2. Volume is not very convincing
3. (Not in this chart) BTC dominance dropped quite a bit and might be getting a bounce. That will hurt all the alts that were enjoying some gains against BTC. If structure breaks again, it will not hold
I started to nibble when price moved above 21 period EMA on 4 hr with tight stop loss. I will be adding more at each fib level and set trailing stop loss to protect the capital. Trade carefully out there.
Bullish things:
1. 4 hr stochastics have moved into bullish territory
2. RSI and MACD looking good
3. 21 period EMA catching up to 50 period EMA. a cross would be really good
Bearish things:
1. Approaching .618 bearish retrace
2. Volume is not very convincing
3. (Not in this chart) BTC dominance dropped quite a bit and might be getting a bounce. That will hurt all the alts that were enjoying some gains against BTC. If structure breaks again, it will not hold
I started to nibble when price moved above 21 period EMA on 4 hr with tight stop loss. I will be adding more at each fib level and set trailing stop loss to protect the capital. Trade carefully out there.
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