Hi,
GRINBTC has made some interesting moves breaking the monthly trendline and pushing towards the 3.6 line of the extended first wave. Here it found its resistance and has broken the trendline to find a better support zone. This is showing the great interest this
particular instrument has attracted. Three weeks until the first hard-fork of GRINBTC, we are looking to identify good places to (re-) enter. Keep in mind that the market has to be in line with the trend to make sure we do not fight against it. We want to be in a flow, patience is the key.
Trend: the downtrend for GRINBTC has been broken. A retest is likely to be formed during the next month.
The first thing to look for would be a monthly close above the red line and a retest of it in the coming time period. Sometimes the market prefers the opening price of the new month or the 05. of the monthly candle to form a signal. So it makes sense to have a look at lower time-frames also since the end of the month and the quarter is due.
The first zone which usually attracts buyers are the 0.5 and 0.61 Zone of the multiwave. Here investors will be interested in buying again, usually those who are aiming to hold for longer time periods.
However, when looking for an entry we will be watching the price closely and let it reveal its targets. Right now we can say that the correctional wave has found a support on the intersection between the monthly resistance and the 0.5 level. To confirm this as a valid support zone we would like to see a break above the line and retest in the next couple of days. If this does not happen the price is likely to move towards a better support zone, probably around the 0.61 before making another attempt for a breakout.
Essential for entering the trade is a breakout of the common centre line, coloured in yellow.
To make consistent profitable trades it is advisable to use a Top-Down trading strategy and multiple timeframes.
If you would like to know more about technical analyses as well as Top-Down strategy please check out George Beaulieu on youtube.
Thanks for reading. If you would like to see more analyses about this particular instrument please give the thumbs up or leave a comment below.
With care and patience
Heish
GRINBTC has made some interesting moves breaking the monthly trendline and pushing towards the 3.6 line of the extended first wave. Here it found its resistance and has broken the trendline to find a better support zone. This is showing the great interest this
particular instrument has attracted. Three weeks until the first hard-fork of GRINBTC, we are looking to identify good places to (re-) enter. Keep in mind that the market has to be in line with the trend to make sure we do not fight against it. We want to be in a flow, patience is the key.
Trend: the downtrend for GRINBTC has been broken. A retest is likely to be formed during the next month.
The first thing to look for would be a monthly close above the red line and a retest of it in the coming time period. Sometimes the market prefers the opening price of the new month or the 05. of the monthly candle to form a signal. So it makes sense to have a look at lower time-frames also since the end of the month and the quarter is due.
The first zone which usually attracts buyers are the 0.5 and 0.61 Zone of the multiwave. Here investors will be interested in buying again, usually those who are aiming to hold for longer time periods.
However, when looking for an entry we will be watching the price closely and let it reveal its targets. Right now we can say that the correctional wave has found a support on the intersection between the monthly resistance and the 0.5 level. To confirm this as a valid support zone we would like to see a break above the line and retest in the next couple of days. If this does not happen the price is likely to move towards a better support zone, probably around the 0.61 before making another attempt for a breakout.
Essential for entering the trade is a breakout of the common centre line, coloured in yellow.
To make consistent profitable trades it is advisable to use a Top-Down trading strategy and multiple timeframes.
If you would like to know more about technical analyses as well as Top-Down strategy please check out George Beaulieu on youtube.
Thanks for reading. If you would like to see more analyses about this particular instrument please give the thumbs up or leave a comment below.
With care and patience
Heish