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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.

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