CUP AND HANDLE? Large move Potential

14 feb 2023

good after news traders, lol The CPI was as predicted and BTC answered and we locked in 15% on the head and shoulders in the 1hr time frame on my previous idea.

Just pointing out a possible cup and handle forming in the 2hr time frame. if the resistance holds at 0.17 and we see a gradual decline we could be in for some nice longs.

I am looking for a pull back to the 0.1565 support area for the entry.

I also think any large movements from this area could signal the start of the 3rd leg of the Elliot wave forming on the daily and also completion of the A,B,C leg on the lower time frames as shown on the chart.

Support to the Elliot wave is we have seen the price retract into the Fib area between 0.5-0.68 area. However it didn't close in the area which what we usually would like to see but to my understanding its not like that 100% of the time.

Now as for targets just fair warning I am new to trading so please DYOR but this is how i see it

for the cup and handle target i could see us potentially tapping around the 0.18-0.1850 area. i think if we get much further upwards then that it could be a good sign some large pump is on the way, failure to clear this area could keep the 0.11-0.12 support in the sight of the bears. As for leg 3 of the Elliot wave id say my target would be around 30 cents.

feel free to let me know what yall think or hit the boost if you agree

good luck and have a good Valentines Day

14 feb 2023

Nota

Things to look for in the next hours, sideways movement and decreased volume. Since we broke the other side of the cup high we could still see this play out with a high handle cup, and large movements either way or no decrease in volume would invalidate the idea

14 feb 2023

Nota

Just adding more support to the current idea. Total 3 on the 2hr time frame is going through what looks like the last shoulder of an inverted head and shoulder pattern, and since the prices don't mirror each other, they definitely follow somewhat closely, so my conclusion is if Total 3 does complete the should part, it could reflect a perfect handle for GRT. I will update the idea as things pan out.

Cheers!!!!

15 feb 2023

Nota

so this will be my last update for the day but i just wanna put out my current orders.

i have the first one at about the first fib of 0.618

order: (0.16-0.1625)

I think this honestly where the bottom of the handle will play on based the low aggression of sellers.

I have a second order in the next lower fib area just in case of some people cashing in on their shorts.

order 0.1555-0.1575

still waiting for a shoulder on the Total 3 2hr, but it's possible that I could be miss reading the head and shoulders pattern there only time will tell. though good news is that GRT is in a declining channel and volume is decreasing which are all good signs for a handle portion, only time will tell.

Hope everyone has a good night!!!!