A couple of weeks back GRT was setting up for a major move which got spoiled by the market drop. Well, it is setting up once again. Looking pretty good as long as the market stays stable. If BTC keeps the boring sideways posturing for a few more days, it's going to be party time for Alts. Some might say the party already started with major Alts already making big moves.
For now,
1. GRT is getting a channel break to the upside with
2. 10 day EMA crossing over 21 day EMA,
3. along with DI Plus going into dominant region, with
4. ADX getting picked up.
All pretty solid setup. I would expect a short pullback in the next few days, maybe some stop hunting on the exchanges. If $1.6 level holds, specially if price doesn't break $1.3 level, then I would expect strong moves to challenge the last all time high and potentially to $4 to $5. If $1.3 breaks, then it would look like a major fake out and back to descending triangle pattern and potentially a serious crash. Let's see how it plays out. I will be biased towards the upside until I see signs otherwise.
For now,
1. GRT is getting a channel break to the upside with
2. 10 day EMA crossing over 21 day EMA,
3. along with DI Plus going into dominant region, with
4. ADX getting picked up.
All pretty solid setup. I would expect a short pullback in the next few days, maybe some stop hunting on the exchanges. If $1.6 level holds, specially if price doesn't break $1.3 level, then I would expect strong moves to challenge the last all time high and potentially to $4 to $5. If $1.3 breaks, then it would look like a major fake out and back to descending triangle pattern and potentially a serious crash. Let's see how it plays out. I will be biased towards the upside until I see signs otherwise.
Comment:
We've got the test down to the top of the channel and got support. Now see if a bounce gets initiated or longer downtrend from here. Daily closure below 1.53 or back into the channel will not be good. Daily closure above 1.88 may mean party on and a test to the previous all time high or above. The next few days will tell...
