GRTUSD - Recovery Rally Plans Updated (bear scenario included)GRTUSD still sits in this great accumulation area.
It has hit an intermediate term 4.236 square in the nose.
A person that collaborated with me on my previous analysis had pointed out that GRT was in a symmetrical triangle at the time, and that is why they could see the 30 cent area. Since then the structure of the triangle has changed a bit, and I have done my best to illustrate it here in this analysis. If we break down to the downside, then we have a great chance of hitting 30-38 cents IMO. (to match a 47% downside move via the triangle and also a fib hit at about 36-37 cents)
The triangle still has good confluence with a move to the upside of about 87%, which takes us into the 1.20's, which I was anticipating before.
I still think that a very likely scenario to play out is a recovery rally for BTC and alts, where everything ultimately gets rejected after some upside, and then we continue down to our final bottoming targets. The final downside targets that I see for GRTUSD for right now are within the 20-40 cent area. I have personally placed buys in that area, and will add to those buys if we get this recovery rally.
I think that the dollar may take a breather on its recovery rally, and let BTC do its own recovery rally.
So - in the meantime, GRTUSD needs to break the symmetrical triangle downtrend (in green) that it is in - establish support above 75 cents, and then take a stab at the big picture downtrend (in red) that it is in. From there I could see it testing the 1.20's where I think that it will ultimately fail, and head back down to test this accumulation zone again, where we may even see the lower targets of 20-40 cents at that time.
Didn't read all of this? Upside $1.20's Downside 20-40 cent area.
Thanks!
