🛑🔄 "GRT Analysis: Resistance Break and Trend Shift"🚀📊🔍 Let's analyze and review this cryptocurrency coin together, as we might find new entry points.
📊 In the weekly timeframe, after price support at 0.0771, buyers began entering the market, and we saw green candles that broke through the 600-day weekly box, making a sharp upward move past 0.1880.
🔻 Following this, we hit the significant resistance at 0.4545. Due to Bitcoin's correction and global events, we observed red candles. However, a correction after such an upward trend is not only normal but necessary for the trend's health, as confirmed by the decreasing volume during this correction.
📉 Now, let's move to a lower timeframe and examine the daily chart. For this upward trend, we can draw a Fib Retracement from 0.0771 to 0.4549, which is currently the last point of the trend. We corrected to the 0.382 Fibonacci level. Notably, if we find support at the 0.382 level, a new upward trend is likely. This will be confirmed after breaking the 0 Fibonacci level, which is the latest high.
⚠️ With this view, we can make a risky buy at 0.2316, as we have seen supportive candles form and move at this level. If you follow my channel, you'll notice we performed a similar analysis for AR coin.
📈 For a long position, after breaking the 0.3051 resistance, we can open a position in the lower timeframes, albeit risky, aiming for the 0 Fibonacci level.
📉 For a short position, it is better to wait for the 0.2316 support to break, considering the likelihood of moving towards the 0.5 Fibonacci level, which is a crucial support both for Fibonacci and Dow Theory. However, if you trade in lower timeframes like me, you can open a short position after the 0.2620 level breaks, anticipating a sharp break of the 0.2316 level.
🪙 Regarding the market, after yesterday's news about DXY, this chart turned bearish, effectively devaluing the dollar rather than increasing Bitcoin's value. This caused a pump in the market, accompanied by an increase in BTC.D. We need to wait for this chart to become bearish again before buying or opening a long position on GRT.
⏳ Currently, we do not have an entry point for buying and will wait for a new setup or for the 0.4549 level. In the meantime, keep an eye on coins likely to rise against the Bitcoin pair or break a box, as this can significantly boost their performance against the Tether pair.
📊 Our upcoming supports are 0.2316, 0.1880, and 0.1524, while the resistances ahead are 0.3641, 0.4549, and 0.6017.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
