It could go either way here, as all trades. If it stays above the triangle it can break out, if BTC pulls back nope.
RizeSenpai
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@stevehoos, Agreed, the only certainty in trading the market is that there are no certainties, only probabilities but one can control their risk. Once you fully embrace that mindset; Trading becomes almost a mentally passive process where for You dont really care as much if it goes up or down (Unless you get a big win) Then it becomes a little difficult to contain some of that excitement lol
Rosticle
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To me...Looks like a clean breakout, retest and consolidation before moving upwards.
RizeSenpai
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@Rosticle, I don't really see how this could look like a clean breakout of the channel when price is clearly still below the supply line of said channel and showing 4 hour hidden bearish divergence at a 61.8% Fibonacci Retracement.
Rosticle
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@RizeSenpai, inverted h&s propelled us off of the .618 with a big candle clearly breaking and closing above the resistance line. We have now had three candles close above that line with this last one bouncing off of it.
RizeSenpai
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@Rosticle, We never actually made contact with the 61.8% retracement, we simply bounced off a 1.13 Retrace from a bullish shark on the 4hr and now we are testing the top of the channel on the 4hr and daily which just so happens to line up with a 50-61.8% retrace from the previous high to low. Pair that up with the 4 hour hidden bearish divergence and the fact that the daily lost the 55 Day simple moving average and suddenly GRT starts looking quite bearish to me
Dawnchorus
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I've tried to make the upper trendline work as yours does, and I just can't do it. I definitely consider yours a possibility...but every time I chart it...it has broken out of the wedge for me.
RizeSenpai
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@Dawnchorus, It was plotted using logscale to better contain the logarithmic increase of this coin's price.