On the above 8-day chart price action has corrected over 90% since March 2021. A number of reasons now exist to consider a long position, including:
1) Price action and RSI resistance breakouts.
2) Price action backtests past resistance as support.
3) Price action prints a double bottom bullish divergence.
4) Some other stuff, will say elsewhere..
Is it possible price action falls further? Sure.
Is it probable? No
Type: Trade
Risk: <=6%
Timeframe: Act now
Return: Will say elsewhere
Comment: Testing GRM support Trade active: GRM support confirmed. $20 appears to be the first resistance. Comment: If you missed out on the Auction and FRONT moves.. this would be a ding dong, Donkey Kong says be… Comment: If you see price action close a candle body above 6.50, hold it to 40 dollars. Comment: testing support, usually a good moment to watch. Happening across many alts Comment: There a number of messages on this trade. If I could summarise the reason for those messages, emotions. No other reason.
Once you forget about emotions (it is difficult I know) you can begin looking left. That is where the answers are found.
Support and resistance
See the blue circles? This is past resistance. As mentioned in the last update, price action is now testing past resistance as support. As alluded, this is happening across a number of assets but not all.
1-day chart
If you keep looking left… you will see why this support and resistance test is more important than most. The last time this resistance was confirmed as support price action jumped 1100% 15 days later. I’m not saying that is what will happen here. What I am saying is do not underestimate the power of support and resistance, when it confirms..
1-day chart
Trade active: ** GRM support confirmed ** Comment: Did you miss out on the Bond move? The target for this one is similar. No idea on the “when”, never do. Comment: support on past resistance confirmed Comment: Think we’re days away from a significant move. Will explain why elsewhere… Comment: Have a few messages about targets. You know I loath targets! That said you should look for price action settling between 30 and 70 dollars, as before. It will be quick and volatile, like Bond was. Trade active Comment: Hope you filled your boots… Comment: Did you fill yer boots or did your listen to the trolls?
