Breaking News

GRT/USDTPERP Potential Downward Movement

GRT/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 0.85720, 0.94995, 1.10025.

Key Support Levels: 0.73900, 0.59890, 0.59000.

Daily Chart:

The price on the higher time frame posted a double top formation which led to a reversal and a move lower. In addition, an engulfing bearish pattern has been posted which helped for a huge tumble of the price. the market succeeded to break the daily support around the 0.85720 USDT and further downside movement is expected.

GRT/USDTPERP Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the price is traded inside a bullish flag formation where a lower correction could be seen to the 50% Fibonacci retracement level which coincide with the bespoke support around the 0.74945 USDT mark. Once testing this area a reversal could be seen and then a move upward toward the next key level.

Signal Idea:

Sell Limit Order @ 0.85445

TP 1 @ 0.74840

TP 2 @ 0.59890

Stop Loss @ 0.89635

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download My Free Robot

Get your Robot Now!

Free Robot!