GRT Critical zone: about to go crazy either for good or for bad


I've been doing TA for months before sharing my first idea so I believe I've a tiny bit of knowledge to share. Anyway take this information with a pinch of salt and do your own research.

Long scenario: We can see a falling wedge pattern about to breakout in the daily chart . For this to happen we need to keep the $1.3 support so I would put a stop loss at around $1.17.

Short scenario: If we lose this support we can expect a breakdown to $0.80 (-38%). The 50 period daily EMA suggest that we could continue going down, specially if the support breaks.

Entry for long:
  • March 26th we saw a good retest of this support although with a good volume . We can enter the trade right now that the support has been retested and there is a good buy volume accumulated since February 7th if we compare it to the sell volume .
    We can see that March 9th and 20th the buy volume crossed the volume average which suggest a breakout is about to come.

  • The other option would be to wait a retest of a breakout of the wedge , wich is safer but with a lower RR ratio.

Onchain metrics:
As we can see in coinmarketcap's analysis tab (intotheblock website) (sorry I don't have enough reputation to post links) whales have the 96% of the total GRT which supports my accumulation of volume theory and the GRT network is growing nicely (4.27%). Other indicators are not-so good but overall the onchain metrics suggest that GRT is mostly bullish .

Exit for long:
The first take profit zone would be at around $1.9 and the final target would be at $2.38.

Disclaimer: This is not financial advice. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice and invest at your own risk.

Comment: Found a bullish divergence in PVT indicator on the daily chart, almost flat PVT vs price going down suggests that GRT is bullish as explained previously and supports my volume theory too.
Comment: It is looking good guys, if you chose the safer approach and we close breaking out the wedge in today's candle keep an eye at tomorrow's daily candle close for a retest
Comment: Just saw a shoulder-head-shoulder pattern on the 4h chart thanks to another idea so more good news
Comment: We broke the wedge in yesterday's daily candle, wait for a retest at the $1.60 resistance.
Comment: *at $1.67
Comment: We have several confirmations of the breakout at the $1.67 resistance in the 4 hour chart, I would wait for tomorrow's daily candle for a safer confirmation or enter knowing that it could still go down, but waiting for that candle could leave little room for profit at target 2 and no profit for target 1, but still good profit at the third target at $2.6
Comment: Target Profit 1 hit yesterday at $1.849
Comment: We managed to keep the resistance but we are gonna retest it again in tomorrow's daily candle probably so wait for it and then for a green daily candle or buy if we manage to get a good green daily candle tomorrow
Comment: By tomorrow's daily candle in the latest update I mean March 31st candle, sorry for the confusion
Comment: We have confirmation of the breakout by a retest followed by a daily green candle and good volume
Comment: Clarification about $1.9-$2.03 resistance: We have confirmation of breakout of the previous resistance which supports the idea of the wedge breakout too so I would buy hoping to break that resistance today or in a few days and maybe (probably not) after another retest to the previous resistance.
Comment: Just posted a follow up idea discussing another TP's and stop losses as a clarification to those entering the trade now and info about the exit of the trade. I will post the same updates in both ideas so nobody miss them.
Comment: Take advantage of the sales and buy more or hodl, trade still fine
Comment: tradingview.com/x/SKhmWISn/

Well, we have an uptrend channel combined with a symmetric triangle so prepare for volatility, hopefully to the upside since we broke the previous descending wedge, have good volume and retested the resistance successfully twice. Hold your position or wait for a breakout and retest at $2.03 resistance for a safer entry. I'm going to hold my position. Good luck guys.
Comment: "The Graph's hosted service now supports the layer 1 blockchain Celo.The Celo Foundation has also committed $150K in grants to subgraph builders!" Good news through the official Discord server of GRT.
Comment: GRT hopefully back on track in the following days, stay tuned
Comment: If we close above $1.9 in the April 15th candle we have confirmation of breakout of the symmetric triangle, we'll have a retest above the 50 day EMA and breakout of a descending channel that was getting built. Stop Loss @$1.4980; Entry as soon as possible or wait for more resistance breakouts if you want to be safer.
Trade closed: stop reached

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