• If 61.8 fib retracement is broken, a retracement to 78.6% is highly probable. If support at 61.8 fib is only bounced-off of, previous fib extensions show it going to .00008966 first and .00009638 second. When this will happen is still a mystery as market behavior and buyer sentiment should be gauged with caution.
• Another scenario is that GNT will remain moving sideways for a little bit along the highlighted area between the previous retracement'ss 61.8 fib level and the new extension's 23.6 extension before continuing on to its next impulse rally. Both of these levels have shown to be supports/resistances.
• Although 61.8% or .00007850 seems like a reasonable entry to go long, I would watch it closely as there is a good probability that the next fib level (78.6%) will be tested at .00007050. My own buy set-up will be broken down into gradual purchases.
• MACD is at one of its lower points in the course of the last 30 days which means a reversal should be in place soon. This should make the bulls optimistic and trigger happy.
Entry #1 = .00007835 (-61.8 FIB RETRACEMENT)
Entry #2 = .00007835 (-78.6 FIB RETRACEMENT)
Target #1 = .00008966 (+23.6% FIB EXTENSION)
Target #2 = .00009638 (+38.2% FIB EXTENSION)
Target #3 = .00010182 (+50% FIB EXTENSION)
Stop Loss = .00006095 (Channel Break)
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***
• Another scenario is that GNT will remain moving sideways for a little bit along the highlighted area between the previous retracement'ss 61.8 fib level and the new extension's 23.6 extension before continuing on to its next impulse rally. Both of these levels have shown to be supports/resistances.
• Although 61.8% or .00007850 seems like a reasonable entry to go long, I would watch it closely as there is a good probability that the next fib level (78.6%) will be tested at .00007050. My own buy set-up will be broken down into gradual purchases.
• MACD is at one of its lower points in the course of the last 30 days which means a reversal should be in place soon. This should make the bulls optimistic and trigger happy.
Entry #1 = .00007835 (-61.8 FIB RETRACEMENT)
Entry #2 = .00007835 (-78.6 FIB RETRACEMENT)
Target #1 = .00008966 (+23.6% FIB EXTENSION)
Target #2 = .00009638 (+38.2% FIB EXTENSION)
Target #3 = .00010182 (+50% FIB EXTENSION)
Stop Loss = .00006095 (Channel Break)
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***