Exchange: Binance

Pair: GRT/USDT Perpetual Contract

Timeframe: 1 Hour

Current Price: $0.11293

🔹 Chart Tool: TradingView



🔍 Overview:

The 1-hour chart for GRT/USDT suggests a bearish bias forming after a failed breakout attempt at the 0.786 Fibonacci retracement level. Price action is struggling to break above a critical resistance zone, and recent candles indicate a rejection, potentially confirming a bearish reversal pattern.



📉 Bearish Signs to Note:


Fibonacci Rejection at 0.786:

Price attempted to break above the 0.786 Fib level (~$0.11500) but faced strong resistance. The shaded area highlights a supply zone where sellers are dominating.

  1. The short-term EMAs (red and green lines) are sloping downward, suggesting increasing bearish momentum.

    • Price is trading below the 200 EMA (blue line), which often signifies a broader bearish trend on the intraday timeframe.

    Bearish Structure Forecast (Drawn on Chart):

    The projected path shows a potential minor bounce followed by a deeper correction, targeting:


    Support at ~$0.10700

    Extended target: $0.10105 (marked as “Min.”)

    This aligns with a full retracement back to the 0.236 Fibonacci level, acting as the next significant support.


📈 Key Levels to Watch:


  • Resistance Zone: $0.11400 – $0.11500


    Short-Term Support: $0.10700


    Major Support: $0.10105


    Immediate Resistance: 0.11293 (Current Price)


    ⚠️ Trading Outlook:

    Unless GRT/USDT breaks and holds above the 0.786 Fib level, the momentum remains bearish. A rejection at this level favors short setups, with eyes on the support levels outlined above.


🧠 Tip for Traders:

Watch for confirmation candles around the resistance zone and monitor volume. If sellers maintain control, shorting rallies could be a strategic approach in the short term.


💬 What's your take on this GRT setup? Share your thoughts below! 👇

#GRT #CryptoTrading #TechnicalAnalysis #ChartPatterns

$$BTC