Long
GRIMACE hidden gem
Analysis of GRIMACE/USDT.
During the time the coin was traded on DEX, we could see the ranges, pro-trades, pumps, and dumps. Anyway, the token made lots of X's and, naturally, we need a correction for the next stage. The first thing I did was to mark (a little shaky, but still) the support and resistance levels. $12.882 is our starting point.
At the level of $10.515 the most obvious pattern "head and shoulders" starts to work. We ideally go down to the values, equal to the height of the pattern up to the level of $6.5. At this point I have already noticed that it is exactly 50% from the top. From this point the MM starts to draw a wedge with a 5-wave structure. In this wedge the levels of $8 (local high), $6.5 (high wave, mini-curve drawing with an accumulation) and $5 (local low) dollars show themselves well. The volume profile shows the same levels very clearly.
You can use a tool or just a calculator, but no matter how hard you try, the Fibonacci Golden Ratio is asking for itself on the chart. The fall of the right shoulder of the head and shoulders pattern is a retest of the 0.786 level. In general, this level is usually not worth mentioning, but I will. The first bounce is from the level of 0.618 from the high - the retest of the pattern head and shoulders. Then a full pattern rebound to the 0.5 level - $6.44. From that point the wedge begins. Of course a return to 0.618, a retracement of the median at 0.5, and a further fall. Where to? Of course, to the level of 0.382 (-0.618 from the high) At this level the last wave of the wedge ends, at this level we see jumps in the volume profile. Obviously, the main accumulation, consolidation and going up are waiting for us here. I will not make any serious predictions, I will only put random arrows on the chart ;) Of course, the main sales volumes are concentrated at the level of $17-20, which is 1.618 of the current high.
During the time the coin was traded on DEX, we could see the ranges, pro-trades, pumps, and dumps. Anyway, the token made lots of X's and, naturally, we need a correction for the next stage. The first thing I did was to mark (a little shaky, but still) the support and resistance levels. $12.882 is our starting point.
At the level of $10.515 the most obvious pattern "head and shoulders" starts to work. We ideally go down to the values, equal to the height of the pattern up to the level of $6.5. At this point I have already noticed that it is exactly 50% from the top. From this point the MM starts to draw a wedge with a 5-wave structure. In this wedge the levels of $8 (local high), $6.5 (high wave, mini-curve drawing with an accumulation) and $5 (local low) dollars show themselves well. The volume profile shows the same levels very clearly.
You can use a tool or just a calculator, but no matter how hard you try, the Fibonacci Golden Ratio is asking for itself on the chart. The fall of the right shoulder of the head and shoulders pattern is a retest of the 0.786 level. In general, this level is usually not worth mentioning, but I will. The first bounce is from the level of 0.618 from the high - the retest of the pattern head and shoulders. Then a full pattern rebound to the 0.5 level - $6.44. From that point the wedge begins. Of course a return to 0.618, a retracement of the median at 0.5, and a further fall. Where to? Of course, to the level of 0.382 (-0.618 from the high) At this level the last wave of the wedge ends, at this level we see jumps in the volume profile. Obviously, the main accumulation, consolidation and going up are waiting for us here. I will not make any serious predictions, I will only put random arrows on the chart ;) Of course, the main sales volumes are concentrated at the level of $17-20, which is 1.618 of the current high.
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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.
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.