Merry Christmas Eve fellow Traders and Happy Holidays!
Today we wil consider the trading pair GRT/USDT.
Recently we put out ideas on SUSHI, LUNA, AVAX, 1INCH etc. talking about first wave extensions and their price targets for 2022 (all linked below btw).
This, we will do a similar idea for GRT.
As you can see in the chart above, GRT has had a 9500% growth in price from it's listing last december up until February earlier this year and has since been in accumulation phase spanning almost a year so far (315 days) marking it's correction phase (wave 2).
If we take our fib retracement tool and draw from its opening price at listing date up until it's ath in february, we see price stopped just underneath the 0.382 fib support (which is the basis for a 1st wave extension, coupled with a lengthy accumulation phase).
To get our targets for the 3rd wave, we then take out our fib tool again and measure from it's ath to the 0.618% level of the 1st wave and target just under the 1.618% level for wave 3.
I have added in the 1.5% level for clear targets.
This would give us a price target of around $11.8 - $16.4 should we touch the 1.618 fib resistance.
If you agree with this idea, please leave a like below and share your thoughts in the comments section.
Feedback is always appreciated.
Merry Christmas AGAIN!
Today we wil consider the trading pair GRT/USDT.
Recently we put out ideas on SUSHI, LUNA, AVAX, 1INCH etc. talking about first wave extensions and their price targets for 2022 (all linked below btw).
This, we will do a similar idea for GRT.
As you can see in the chart above, GRT has had a 9500% growth in price from it's listing last december up until February earlier this year and has since been in accumulation phase spanning almost a year so far (315 days) marking it's correction phase (wave 2).
If we take our fib retracement tool and draw from its opening price at listing date up until it's ath in february, we see price stopped just underneath the 0.382 fib support (which is the basis for a 1st wave extension, coupled with a lengthy accumulation phase).
To get our targets for the 3rd wave, we then take out our fib tool again and measure from it's ath to the 0.618% level of the 1st wave and target just under the 1.618% level for wave 3.
I have added in the 1.5% level for clear targets.
This would give us a price target of around $11.8 - $16.4 should we touch the 1.618 fib resistance.
If you agree with this idea, please leave a like below and share your thoughts in the comments section.
Feedback is always appreciated.
Merry Christmas AGAIN!
交易進行:
GRT is currently is currently trading below it's PoC (Point of Control)
turning this into resistance will see us revisit the bottom of the range.
Should that support break as well, our worst case scenario would be the 123.6 fib support which also has a lot of volume support coming in on the volume profile tool.
turning this into resistance will see us revisit the bottom of the range.
Should that support break as well, our worst case scenario would be the 123.6 fib support which also has a lot of volume support coming in on the volume profile tool.
