Gridcoin was the first cryptocoin I ever bought. I liked the concept (supporting scientific research by selling CPU-power) and more important it was already working and not some unrealized project or worse vague promise. These days Gridcoin doesn't meet my buying standards anymore.. not enough liquidity and a modest marketcap (ranked 165 currently). Still as it was my first love, every now and then I check its price and chart. Both don't look pretty right now!!
First of all Gridcoin is caught in a downward channel, it tried to leave this channel a few days a go, but that rise got brutally sold off. Even worse so RSI peaked around 50 and created something that kind a looks like batmansears.. They are not the most beautiful example, but still, these ears often accompany a pricedrop!. I expect Gridcoin to drop to 600 or even 500/400 area which is the bottom of the current channel. If RSI manages to stay above oversold range this time, there is some hope for a future reversal.
First of all Gridcoin is caught in a downward channel, it tried to leave this channel a few days a go, but that rise got brutally sold off. Even worse so RSI peaked around 50 and created something that kind a looks like batmansears.. They are not the most beautiful example, but still, these ears often accompany a pricedrop!. I expect Gridcoin to drop to 600 or even 500/400 area which is the bottom of the current channel. If RSI manages to stay above oversold range this time, there is some hope for a future reversal.
Comment:
Gridcoin well within downward channel, insights still valid.
Comment:
Taken a fresh look.. GRC been moving in a very narrow range recent days. Seems to be confined between the neckline of a triggerd SHS pattern and a regained line of some form of some horizontal support. The neckline and the downward channel cross today/tomorrow.. taking out both at the same time is a huge task.. and unlikely.. should it happen though that would be very bullish. But I would still put my money on the downside for now!
Trade closed manually:
Closed more or less break even, GRC seems to leave the channel on the upside. Bars have been very small since the start of the idea. Last oversold RSI condition on 4 hrs bars allmost 2 weeks ago, and RSI seems on the rise. Longs could be considered, will post a fresh idea :)