What's up everybody! Thanks for taking the time to check out my detailed analysis of The Graph's $GRT! This is only my 3rd published Idea, but likely my most technical so let's get right into it! TL;DR at the bottom!
It's looking like
GRT might be gearing up for another run towards the highly sought after level of $1 or more! Before this happens though, there are a few things that I personally would like to see that would give the next leg up a little more power...
1) RSI - 4H chart: The RSI gradually finding support between the 55-45 range. This would indicate a healthy, prolonged consolidation period and more room to rock back up to 80.
2) MACD - 4H chart: The MACD gradually forming another bullish cross between 0.024-0.01 would indicating a new upward trend beginning.
3) Maintaining Support: The bottom of the recent bullish pennant must hold as support. If it fails to do so, we will likely see a retrace the the mid-level or lower-level of the macro broadening ascending wedge.
Using Fibonacci Extensions, I created Fib cluster ranges for the 61.8%, 78.6%, and 100% extension levels. For you swing traders, these can be used as Take Profit/reversal ranges that we will likely hit on the next run up.
Coincidentally, when the $0.27 correction at the beginning of the ascending wedge is applied the average close price of the most recent pennant, a $0.27 rally would take us to $1.08... right in the middle of the extension clusters!
TL;DR
RSI and MACD could fall a little further before the next run. 55-45 and 0.024-0.010 respectively would be ideal IMO.
Fib extension clusters point to $1+ soon.
I will be taking profit in the middle of these clusters at $1.08
Feel free to comment your opinion, and give this a thumbs up if you found it useful!
*This is NOT trading advice. I am NOT a financial advisor. What is shown and said in this analysis is purely speculation. Remember to trade with a stop-loss and DYOR!*
It's looking like
GRT might be gearing up for another run towards the highly sought after level of $1 or more! Before this happens though, there are a few things that I personally would like to see that would give the next leg up a little more power...1) RSI - 4H chart: The RSI gradually finding support between the 55-45 range. This would indicate a healthy, prolonged consolidation period and more room to rock back up to 80.
2) MACD - 4H chart: The MACD gradually forming another bullish cross between 0.024-0.01 would indicating a new upward trend beginning.
3) Maintaining Support: The bottom of the recent bullish pennant must hold as support. If it fails to do so, we will likely see a retrace the the mid-level or lower-level of the macro broadening ascending wedge.
Using Fibonacci Extensions, I created Fib cluster ranges for the 61.8%, 78.6%, and 100% extension levels. For you swing traders, these can be used as Take Profit/reversal ranges that we will likely hit on the next run up.
Coincidentally, when the $0.27 correction at the beginning of the ascending wedge is applied the average close price of the most recent pennant, a $0.27 rally would take us to $1.08... right in the middle of the extension clusters!
TL;DR
RSI and MACD could fall a little further before the next run. 55-45 and 0.024-0.010 respectively would be ideal IMO.
Fib extension clusters point to $1+ soon.
I will be taking profit in the middle of these clusters at $1.08
Feel free to comment your opinion, and give this a thumbs up if you found it useful!
*This is NOT trading advice. I am NOT a financial advisor. What is shown and said in this analysis is purely speculation. Remember to trade with a stop-loss and DYOR!*
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.