🔎 #GRT Analysis

The price of the coin moves in an upward five-wave cycle according to the Elliott📈 theory. Before the start of the cycle, the price went below $0.1. The oversold nature of the coin attracted players, and volume appeared. After that, an impulse of the first wave was formed, during which the price overcame the key levels of the previous trade: $0.12, $0.14, $0.16.
It broke the resistance of the bearish stage of the $0.2 cycle and reached a high at $0.2255. A little short of reaching the previous high, the price went for a correction within the framework of wave II. It found support at the local level of $0.14 and maintained the structure of the upward cycle.
After that, it moved on to the ascending III wave. A cup with a handle pattern has been formed. Potentially, the pattern can work out in the future ascending V wave. As part of the third wave, the price reached the maximum values at $0.3322 and overcame the resistance of $0.3. By the way, the bearish cycle of the coin began from this level.
Locally, the price is moving in an upward price channel above the $0.3 level. I would like to note that there are large volumes of the seller, which may signal the unloading of profitable positions. A bearish divergence has formed. The price was showing new highs, while the extremes of the MACD were declining. If the diveration is reached, it may start forming the fourth corrective wave. It is important that the price does not fall significantly below $0.26 so that the structure of the upward cycle is maintained.
The ADX indicator locally signals the formation of a bullish trend. The positive moving average is above the trend one, and the bearish moving average, in turn, also overcomes the signal moving average. The trend trend is below 20 points. Since the three moving averages crossed each other, this could be a signal of increased volatility. And it is possible that the price will go even higher within the III wave, this option should not be ruled out.
Both timeframes confirm the truth of the upward cycle. The bullish pattern could potentially continue the trend. Presumably, according to BTC, things are going to a correction. From the current levels, the price may form another impulse, but it will be short-lived. I expect to see the correct formation of wave IV and the continuation of the upward impulse. For a more complete market picture, it is advisable to wait for the end of wave IV.