GRT has been in a slow and painful downtrend since it shot up in Feb, but remember, it is only down about 50% from the peak...this is typically a normal and healthy correction.
Price dipped below the 21MA at the end of March and price action has been bullish since with MACD cross. We are now approaching strong daily downtrend line. I see 3 scenarios...
1. Pictured...we test daily trendline (1.90) and bounce off and back down to 1.50-1.60 range OR further to 1.30-1.40 before testing again and potentially breaking out of daily downtrend
2. Price breaks out of downtrend without retest. I would want to see a close above the trendline and alot of volume to confirm.
3. Downtrend continues. This pattern could continue into May. Price has seen fairly strong support at 1.30, I would consider a breakdown below this level bearish.
If she breaks out, don't be greedy. I expect strong resistance once we get over $2, even more at 2.30-40 for those who bought high.
Just an idea, do your own research.
Price dipped below the 21MA at the end of March and price action has been bullish since with MACD cross. We are now approaching strong daily downtrend line. I see 3 scenarios...
1. Pictured...we test daily trendline (1.90) and bounce off and back down to 1.50-1.60 range OR further to 1.30-1.40 before testing again and potentially breaking out of daily downtrend
2. Price breaks out of downtrend without retest. I would want to see a close above the trendline and alot of volume to confirm.
3. Downtrend continues. This pattern could continue into May. Price has seen fairly strong support at 1.30, I would consider a breakdown below this level bearish.
If she breaks out, don't be greedy. I expect strong resistance once we get over $2, even more at 2.30-40 for those who bought high.
Just an idea, do your own research.
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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.