GRTUSD - Recovery Rally Update 2

Hello!

GRT has been wonderful to anyone who has been trading it from below!

I have a couple of ideas that I will attach to this one - there are many updates within it, and that is where the good info is. I personally averaged in and have plenty from below, and still had buys below that never went through. I am in the positive now regardless, and this is why I choose to average in and out instead of all or nothing.

Right now I think that we get our first decent sized retrace on this run for GRT.

It looks like they may do an Elliot wave type move, and if so, we shouldn't go any lower than 62.4 cents on this retrace. (only a wick into that area that is if we want to follow the EW wave rules)

If not, well, they probably take it close to the .618 for this retrace. There is very good S/R around 62 cents, so this is setting up quite nicely for an EW type move.

Once we do this 4th wave correction, I think that we go and test the trendline, and the next S/R area which goes roughly from about 75 cents to about 96 cents. Depending upon how BTC allows these rallys to take place, we could potentially make it as far as I thought that we might in my original idea, into the 1.20's and even into the 1.50's.

This is with the assumption that BTC does a recovery rally to fake everyone out, and it ultimately fails and everything eventually puts in its true bottom afterward.

So, watch this retracement closely, and do your best to squeeze as much out of this move as possible if they allow it to happen.

I will post updates within this idea as more develops. It is very hard to capture all of the details and ambiguity made in these markets with one single idea - but anyone who trades or does markets regularly would probably know this.

Thank you!

註釋

Bitcoin looks like it could fail, too, though. They are making this very difficult to gauge right now.

交易進行

they're making this quite difficult to gauge a retrace, though, as the BTC side of GRT is in a continuation pattern, and BTC on the other hand looks very shaky. GRTUSD did a trend break, and is fighting to regain trend right now, too.

註釋

BTC looks like trash IMO. Like, if this plays out as a rising wedge, we are headed back down to test 28k again potentially. That will destroy everything, especially seeing how we might not even hold 28k at that point.

交易進行

and GRTBTC breaks out of a continuation pattern as BTC is showing meltdown mode - I really hate the market makers in these markets sometimes.

交易進行

I'm going to sell my GRT in this 77-80 cent area. The BTC side is pushing up hard, but BTC looks like it is on the brink of getting crushed.

交易進行

I took some off here, just can't help it. Neither the bear nor bulls look very strong on BTC right now. I am going to wait and see if we break resistance here to add back to my GRT position.

交易進行

here is a revision to the fibs used in this idea.

交易進行

BTC broke down through its wedge - things should get quite interesting. Its a matter of if the 62 cent S/R holds for GRT IMO. We may go back down and visit the lower levels again if BTC really wants to put in its final capitulation here.