GRT: and the bear wizard said "You Shall Not Pass"
Well, folks, GRT's party got pooped on once again. Just when the breakout looked promising, it back in the rut again. But there are some silver linings to the massacre from yesterday.
1. Price held the primary support line $1.6 area.
2. The bounce brought the price back inside the previous consolidation area. The last consolidation area did not become a resistance.
3. There is still strong demand in the $1.4 to $1.6 region
Now, GRT will need to recover with the rest of the market. If the bear flag pans out, we need keep an eye on $1.33 mark. If the ascending triangle pans out then price needs to decisively make moves above $2, otherwise I will start to think this is turning into dead money. Patience and risk management is the key at the moment. Good luck out there.
1. Price held the primary support line $1.6 area.
2. The bounce brought the price back inside the previous consolidation area. The last consolidation area did not become a resistance.
3. There is still strong demand in the $1.4 to $1.6 region
Now, GRT will need to recover with the rest of the market. If the bear flag pans out, we need keep an eye on $1.33 mark. If the ascending triangle pans out then price needs to decisively make moves above $2, otherwise I will start to think this is turning into dead money. Patience and risk management is the key at the moment. Good luck out there.
Comment:
If we get a daily closure below$1.33, next up will be about $.80.Potentially a buy there. If that breaks, then around $.40. Faster they fly, harder they fall....I will buy a little bit at each point for potential scalp trades with chance of reversals. Ultimately will look for a new structure to get built up before putting in a good size position. I still don't think we in general in bear market territory until BTC closes below 21 week EMA and finds resistance there. When BTC goes into bear market, the rest follows. Until then this is still a huge dip, just like March.
