It's been few days that I called for Gridcoin, Right now, it finished it's correction and now I can estimate it's final targets better, here is the thing, normally I never go beyond 161% on fibo, but, Gridcoin has this history of having huge, and I mean it, huge pumps, so why not get greedy? yah this is the only circumstance that I let myself become greedy, with steps for selling, there is no problem with becoming greedy is it? so why not. Remember when I said this, if you thought Gridcoin's last move was it's actual pump, you are damn wrong, the ream move is still to come. Also, it's last time high was around 4500 Sat. I tend to go a little bit bellow max possible, that is why you see my last step being a little bit bellow that number. How long will it take for this move? maybe a week or two but I don't think it will be more than that.
@bangmst1, Hi
last few days, the bit coins price actions caused some dis arrangements in almost all the alt coin charts. what is going on, is that the powerful traders in each alt (call them whales if you so like to) sold out their alts and sat on bit coin, and possibly before last night, they changes their bitcoin to dollar. Why? They are just waiting for bit coin's action to end.
there are two possibilities here :
1- Bitcoin rise up again : in this case those powerful traders will change back to bitcoin at it's deep on the correction, and exchange that to their alt. in this case, they get benefit from both sides, first, they added to amount of BTC they have, also when they go back to their alt, the price is low and they gain extra benefit there. from that moment, the alt price will rise up like normal (if it had to go up before the whole thing to happen)
2- Bitcoin will drop more : this case is more time consuming of the first case, meaning that, the alt coin would almost always sit on the most powerful support line, waiting for big money to enter into it again, at the same time, those with that big money are waiting on dollar to buy bitcoin at it's deep.
in both cases, the moment bitcoin hit it's deep, the alt coin will come back to life. the main question is this : how much would bit coin drop, would it just retrace for a correction and then rise up? or will it finally blow up and start a bearish trend?
in case that bit starts a bearish trend, my guess is that those powerful traders, will exchange part of their dollar back to alt coins just to keep their position in that market, at the same time, part of their money will still be in dollar to get the benefit of bearish move on bitcoin.
long story short, the result of all these actions would be this : in short term timing, the alt coin will sit on a powerful support line, on a very promising TA position. at the same time, it won't move on a major trend until those big money traders decide to go back on the alt coin market. this not only includes GRC but if you look at PASCAL or any other good alt coin out there, you will see almost similar chart formation specially on 15 or 5 minute charts !