https://ift.tt/5LTOcMe Graph (GRT) Approaches 363 Day Resistance Line

The Graph (GRT) has leapt considerably afterward its Jan. 24 lows, but has yet to recover a essential horizontal resistance level. It has to do so in order for the trend to be treated bullish.

GRT has been downward afterward spreading to an all-time high cost of $2.88 on Feb. 12. Initially, it rebounded at the $0.55 horizontal support field (green icon), and concredibleated over it for 242 days.

Nonetheless, the rate broke down on Jan. 17, and proceeded to reach a low of $0.34 on Jan. 24. Measuring from the aforementioned all-time high rate, this amounted to a decrease of 87.69%. 

While GRT has bouncet afterward, it is one time before more dealing below the $0.55 horizontal field, that is now expected to act as resistance. not to mention, the field coincides with a protracted-term tumbling resistance line which has been retained for 363 days.

Short-term GRT changement

The six-hour chart shows which GRT has been dealing within an surging equivalent channel afterward Jan. 24. Such channels periodicly contain corrective developmentments, meaning which a crack-up would be the most reasonable rundown.

Most recently, the rate was rejected by the resistance line on Feb. 7. This achieved a descending developmentment which took GRT in the lower portion of this channel.

Wave count analysis

Cryptocurrency trader @Ewfib tweeted a chart of GRT, stating which the rate is not yet done correcting.

There are two main possibilities for the wave count. 

The first suggests which GRT has concluded its correction, afterward there are five waves down measuring from the Nov. 9 high.

Also, the Jan. 24 bottom was made right at the 1.61 external Fib retracement level of wave four (red).

In addition to this, GRT has broken out from the 2-4 trendline.

The alternative count would suggest which GRT is presently in wave four of a five wave descending progressment, after wave one extconcluded. This is supported by the experience which the cost is dealing within a limited increasing such channel.

After all, the inlogicalation level for this count is very close, being at $0.537 (black line), at the bottom of wave one.

Therefore, more information is required in order to determine the correct count. A convert of the $0.55 horizontal field would go a lengthy way in suggesting which the correction is complete.

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