GRT: Structure is important
This consolidation of GRT feels like dead money. Every time there is a breakout move, somehow it is getting squandered and back to where it started. But in the grand scheme of things, creating a solid market structure is very important for the long term health of the asset. In the last market cycle, most coins would hit the ground running and pump up 100x in a matter of days and then crash 99% over the following few weeks. The ones with good fundamentals created a market structure despite those terrible loss of value and and slowly but surely caught up to the highs again. The scam ones never saw another higher high till this date. The newer breeds of coins are acting somewhat more mature in the current market cycle. GRT for instance, has already experienced 50% to 70% dumps, but has recovered in a very structured manner in my opinion. This time also, it is creating a solid market structure about 30% below the all time high and grinding its way up to challenge the highs again. 30% range consolidation in crypto market is not that crazy and it is exactly the reason the market attracts all kinds of traders. Volatility is a trader's dream after all. The point is, the ebbs and flows of the structure of GRT provided a pool of opportunities; despite not having to move much. At the same time, the structure it is creating right now will provide major support in the coming days when market will eventually see a top. I would take an asset like this over something just goes up without any pullbacks, only to experience the rug getting pulled from under the feet. So, buckle up and enjoy the ride. I think the next moves are coming sooner than later and we will all be rich if we are just patient and proceed with a plan.
Little bit of TA to go with the thoughts :
1. Need to see a break above $1.95, get some support to make a move to the next step to about $2.4
2. Price might swipe daily 10 EMA one more time to make the move up again
3. Price is now above all major EMA support and the space between the lines are spreading. Usually a bullish momentum sign
4. $1.6 is still the major support. A daily close below will change the bullish narrative
5. DI plus on the daily is sitting pretty above 20 line. ADX line is picking up pace. If ADX move above 20 with DI plus stays above 20, it could mean some explosive moves again
Little bit of TA to go with the thoughts :
1. Need to see a break above $1.95, get some support to make a move to the next step to about $2.4
2. Price might swipe daily 10 EMA one more time to make the move up again
3. Price is now above all major EMA support and the space between the lines are spreading. Usually a bullish momentum sign
4. $1.6 is still the major support. A daily close below will change the bullish narrative
5. DI plus on the daily is sitting pretty above 20 line. ADX line is picking up pace. If ADX move above 20 with DI plus stays above 20, it could mean some explosive moves again
Related publications
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.