As always, Bitcoin leads the crypto market, and with bitcoin dropping as it is now, a lot of alts feel the pressure as people sell for btc to sell the btc for fiat.
The same goes for GRSBTC pair as it is mainly traded in btc.
Reviewing the last price action, we did visit a lower structure level (previous resistance, now support) at 0.000125 which provided local support and bounced price back above the 0.618 fib only to get rejected again by the 0.5 fib.
I have placed an example long position to demonstrate a basic aspect of this trade setup.
This trade setup is based on market momentum, the last upswing has showed good volumes and a good rise in price. Now we see a nice retrace testing last support and in most cases we see price going for a retest of the highs here.
On a zoomed in view on the 45min chart, we can see bullish divergence apear.
This does not mean the price should reach the last high at ~ 0.000194, it means we find it probable that the market will try to go there and test ressistance.
The price is now ranging between the 0.5 and 0.618 fibs waiting for bitcoin to make its next move.
Please note that all trade setups are safer and probably more reliable when based and done on higher timeframe charts such as 4HR or longer.
The same goes for GRSBTC pair as it is mainly traded in btc.
Reviewing the last price action, we did visit a lower structure level (previous resistance, now support) at 0.000125 which provided local support and bounced price back above the 0.618 fib only to get rejected again by the 0.5 fib.
I have placed an example long position to demonstrate a basic aspect of this trade setup.
This trade setup is based on market momentum, the last upswing has showed good volumes and a good rise in price. Now we see a nice retrace testing last support and in most cases we see price going for a retest of the highs here.
On a zoomed in view on the 45min chart, we can see bullish divergence apear.
This does not mean the price should reach the last high at ~ 0.000194, it means we find it probable that the market will try to go there and test ressistance.
The price is now ranging between the 0.5 and 0.618 fibs waiting for bitcoin to make its next move.
Please note that all trade setups are safer and probably more reliable when based and done on higher timeframe charts such as 4HR or longer.
