GRT is not an asset I enjoy dissecting too much these days, its current nature leaves a lot to be desired.
Bullish structures form prematurely and fail to reach their intended targets, while the bearish structures push deep, retrace wide, and even overshoot targets. Generally speaking, that’s behaviour you don’t want on your side.
But, there’s hope.
We didn’t break below the swing low, and more importantly, we finally broke the downside trend—marked out in white.
So now the question is whether the recent momentum from BTC can spill over to the alts. For now, that looks unlikely, as we reacted right on the dotted TP line inside a resistance zone.
Simply put, I’m expecting a short correction here.
Looking at the previous pink and blue structures, I wouldn’t be surprised if GRT finds strength on the orange TS (Top Support) to keep pushing upwards. However, I don’t see a premature reacting structure aiming for that next major resistance at $0.24.
For that, I’d want to see a turning zone hit and confirmed first. If we react early, I’d strongly advise heavy TP at the swing high—the starting point of the trend.
Bullish idea invalidation: a clear touch of the orange BS line.
Stay focused.
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