Graph is coming up to a point that I would consider to be an area of great value. This spot hits 2 areas, a long term trendline established when GRT hit its all time low, and the Fibonacci Retracement level of 50%.
The retrace, having previously bounced off the 61.8% line, sets up GRT for a percect bull run up to the next level. However, as selling pressure mounted, we are experiencing a longer consolidation, which GRT has shown a pattern of doing. This works in favor of GRT, as long as the trendlines hold. It builds a stronger support base, as GRT has seen some huge gains. Without support, we could easily see the price fall fast.
In my eyes, the first trendline may become invalidated, as he head down towards the 61.8% zone again, expecting some consolidation there. However, keep in mind that we are very close to an Alt Season that we have not really seen yet, with coins like LTC, REP, ETH, etc waiting their turn while the newer cheaper coins have their Altseason first. Remember, this time difference is the whole reason we can aspire to make money off Altseason. Follow the flow of money, and don't forget to sell!
The retrace, having previously bounced off the 61.8% line, sets up GRT for a percect bull run up to the next level. However, as selling pressure mounted, we are experiencing a longer consolidation, which GRT has shown a pattern of doing. This works in favor of GRT, as long as the trendlines hold. It builds a stronger support base, as GRT has seen some huge gains. Without support, we could easily see the price fall fast.
In my eyes, the first trendline may become invalidated, as he head down towards the 61.8% zone again, expecting some consolidation there. However, keep in mind that we are very close to an Alt Season that we have not really seen yet, with coins like LTC, REP, ETH, etc waiting their turn while the newer cheaper coins have their Altseason first. Remember, this time difference is the whole reason we can aspire to make money off Altseason. Follow the flow of money, and don't forget to sell!
