Following the previous idea on Groestlcoin, it has reached the upside target and broke above it. GRS coin remains one of the leaders in the recent performance. Since price has bottomed out at $0.26, the increase in value was 760%, resulting in the GRS/USD moving as high as $2.3 in just over two weeks.
The upside momentum remains very strong and the rise is likely to continue. The next resistance level is seen at $127.2% Fibonacci retracement level, that is $3.5. And the much stronger, key resistance is at 161.8% Fibs, that is $4.5. If GRS manages to break above the final resistance, then only sky is the limit, while the rejection of any of the resistance level should result in a several months of correctional move down.
On a downside, there are several support levels to watch, the nearest is at $1.27, that is 50% Fibs. The second is $0.58, which is 61.8% Fibs from the previous wave up, and remains the key support level. Break below first support at $1.27 could send it back to $0.58 from where the uptrend should continue. But only break and close below $0.26 should invalidate bullish outlook.
Do you think this channel is valid?