Trading Idea for GRT/USDT Based on the ChartChart Analysis:
Head and Shoulders Pattern – A classic reversal pattern is identified, indicating a potential decline after forming the right shoulder.
Descending Channel – The price is moving within a downtrend, marked by two blue lines. A further drop to the lower boundary (~$0.025–$0.030) is expected.
Elliott Wave Analysis – After completing the 5th wave of the downward cycle, a bullish impulse wave is anticipated.
Potential Upside – Following the expected decline, a breakout from the descending channel could lead to a strong rally, potentially reaching $8.00+.
Trading Strategy:
Short-term Strategy (Short Position):
Enter a short trade from the current levels ($0.096) or after a retest of the upper channel boundary ($0.12–$0.14).
Take profit targets: $0.05–$0.03.
Stop-loss: Above $0.15.
Long-term Strategy (Long Position):
Buy near the expected bottom zone at $0.025–$0.035 (potential completion of wave 5).
Main targets: Take partial profit at $0.40–$0.50, with an extended target of $2.50+ and beyond.
Stop-loss: Below $0.020.
Risks:
Possible false breakouts of the channel boundaries.
Prolonged consolidation before an upward breakout.
Market conditions (news, macroeconomic factors) may affect the expected scenario.
Conclusion:
A short-term short position can be considered, but in the long run, GRT has the potential for a strong rally once the downtrend cycle is completed.
