Groestlcoin continues to range between 5.7k and 16k satoshi areas. These levels correspond to the Fibonacci retracement levels, 76.4% and 23.6% accordingly.
While there is no established trend as GRS/BTC continues to reject the support, the range trading is likely to continue. If that’s the case, the price should go up once again towards the 16k satoshis resistance. Whether the resistance will be broken or rejected, remains to be seen.
Break above should confirm a bullish run, but rejection might result in a continuation of the consolidation. On the downside, break below the support area should send Groestlcoin lower towards 88.6% Fibonacci retracement level, that is 3.3k satoshis. Such a low price could attract more buyers, resulting in exponential growth.
Source: http://cryptopost.com/groestlcoin-vs-bitcoin-range-trading/
