GRT: Building back up
Since the April 23 low, GRT is working on building back up. So far since the February high, it's been a three month long consolidation. At this moment price is in an upward channel trying to break above daily 50 EMA and SMA. Compared to other alts that have come back from the graves to make ATHs during the last week or so, GRT is still stuck in the support box. This is not out of the norm to have a rotational market, but we don't know yet which rotation GRT will be a part of. We will find out soon enough. For now looking at the support and resistance levels.
1. Price is trying to push above 50 EMA and 50 SMA, bunching underneath for the last few days. If we see a price support above this and see 50 EMA crossing over 50 SMA, it will be a very bullish sign.
2. Price needs to break above the first resistance level of $1.77 - $1.85. This has been the failure point, support turned resistance for the last few tries. Above that about at $2.17 price failed to breakout twice. Above that is the last all time high at $2.89. Until we see price getting support above at least resistance point 2, the consolidation will continue.
3. If there price fails on the first resistance point, we still have the blue support box. If this fails the third time, we have the last line of defense at the last low at $1.13 level. If that fails, then there might another 30%-40% drop all that way down to the last little structures.
Let's see how it plays out. I am holding long from the April drop. I will get out if the price doesn't hold the support box. I will add more if price starts to break above resistance. For now, ETH, LINK and other name brands are doing much better than GRT, my money is tied up with those. Once GRT starts to rip, I will be sure to jump on the bandwagon.
1. Price is trying to push above 50 EMA and 50 SMA, bunching underneath for the last few days. If we see a price support above this and see 50 EMA crossing over 50 SMA, it will be a very bullish sign.
2. Price needs to break above the first resistance level of $1.77 - $1.85. This has been the failure point, support turned resistance for the last few tries. Above that about at $2.17 price failed to breakout twice. Above that is the last all time high at $2.89. Until we see price getting support above at least resistance point 2, the consolidation will continue.
3. If there price fails on the first resistance point, we still have the blue support box. If this fails the third time, we have the last line of defense at the last low at $1.13 level. If that fails, then there might another 30%-40% drop all that way down to the last little structures.
Let's see how it plays out. I am holding long from the April drop. I will get out if the price doesn't hold the support box. I will add more if price starts to break above resistance. For now, ETH, LINK and other name brands are doing much better than GRT, my money is tied up with those. Once GRT starts to rip, I will be sure to jump on the bandwagon.
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