Hello Traders!
GRT has been ranging since late March and is showing first signs of strength recently. On the BTC pair we can see that price has attempted to break the triangle upwards.
What we want to see is a clear break of structure (BOS, the blue line) with volume. This will clear the area around 3000 sats where we can expect heavy resistance. Then the idea would be to buy the pullback, as the area around 3000 sats is cleared and ready to flip to support.
If GRT fails to break out, I expect a liquidity grab below the equal lows (EQL line) and an immediate rebound and another attempt to break of the triangle. If 2100 sats do not hold, we will - in the worst case - see a crash towards the order block at 1691 sats. These two levels provide us with alternative entry opportunities to get GRT even cheaper. Move the SL to breakeven during the bounce to protect your capital.
Happy trading!
GRT has been ranging since late March and is showing first signs of strength recently. On the BTC pair we can see that price has attempted to break the triangle upwards.
What we want to see is a clear break of structure (BOS, the blue line) with volume. This will clear the area around 3000 sats where we can expect heavy resistance. Then the idea would be to buy the pullback, as the area around 3000 sats is cleared and ready to flip to support.
If GRT fails to break out, I expect a liquidity grab below the equal lows (EQL line) and an immediate rebound and another attempt to break of the triangle. If 2100 sats do not hold, we will - in the worst case - see a crash towards the order block at 1691 sats. These two levels provide us with alternative entry opportunities to get GRT even cheaper. Move the SL to breakeven during the bounce to protect your capital.
Happy trading!