Without all of the lines drawn, GRT/USD is forming a large cup and handle pattern.
The buying volume increased on GRT as it formed the second half of the cup and the selling volume is decreasing as it is forming the handle right now.
I charted 2 resistance lines (RED) and 1 support line (GREEN)
Elliot wave 3 will start at the upcoming support line and will break out of the cup and handle pattern until it reaches the next fib resistance point at 0.90, which also lines up with the resistance line formed by the chart.
Elliot wave 4 will be a sharp drop (as wave 2 was a shallow drop) from 0.90 to 0.60 to retest the breakout.
Elliot wave 5 will be a bounce from the resistance which will turn it into a support line. The wave 5 will then continue up until 1$ which is both a hard resistance and it perfectly lines up with the resistance line formed by the chart.
The Fibonacci levels works out for the elliot waves but I did not include them because the chart would be very cluttered.
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Nice reversal candle on the last 4 hour, had lots of bullish volume, also noticed a bullish divergence on the 4hr RSI
@bed87, All signs point.to it. The cup and handle pattern is very bullish, we just need to see a bounce around 0.43-0.40 for confirmation :D
tryingtosurvive
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this is excellent. thank you
jeremy_bearimy
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Not to sound bearish, but this all depends on BTC, and it looks like, in a bigger triangle, it may top out at 34.5 - 36k before falling back down to the levels we saw yesterday. I'm in GRT for the long haul, but i'm not sure in the short term that BTC will cooperate. When BTC hits 36 (and if it doesn't shoot past 37), i may take some profit in GRT (or at least recoup loss) and wait for BTC to do it's thing.
jeremy_bearimy
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@jeremy_bearimy, that said, we'll probably see $0.60 with GRT before BTC gets to the 34-37 range, so good news for GRT!