$GRT Technical Analysis (BULLISH)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!*
