Foreign Has unfortunately Um not worked out in an imminent bullish Scenario yeah we talked about that in Previous videos I kept the members Updated on Telegram and Discord as well This strong sell-off has triggered by FTX has hit Ave obviously as well we Have now broken briefly below the 60 Where we have broken below the 60 level As I mentioned before a drop below 60 Dollars would make me focus more on the Bearish scenario I'm not entirely going To scrap the bullish case yet and I'm Going to tell you what tell you why Um and then we take a look at the Bearish scenario as well so in this Scenario we look at this being a wave One and then here Um basically an A B C SC scenario now Um with the c-wave however coming down Quite strongly I have to move the Wave A Now here actually with the latest Development Um then the B wave up and the C wave Down this could still be a wave two yeah I mean we look at this one two setup in A way that we say normally the price Shouldn't drop below the 78.6 flip level That was at 60 dollars Um however when it hit below the 78.6 if It's only a week you know and if it Recovers quickly then that's fine Um because what I see here in wave C
That is you know five waves basically One two Three sorry a bit ugly four five yeah so Five waves down that could very well be A wave C of two just a bit stronger due To maybe the fundamental issues that We've currently got around FTX and in The crypto world and the the fee around It but this shouldn't really This shouldn't really go much lower I Mean I would now allow it maybe to go to The 53 level but that's it if it breaks Below 40 53 then we have to make another Scenario the primary however a recovery At some point here is expected I'm going To show you why right so in this Particular scenario now if we Um just take a little bit of a closer Look now at the bearish scenario it Would indicate that and I'll make that a Different color let me just do that I'm going to tell you where the bearish Case could take us to I'll make that red Now you can't really see that very well Can you Um let's do pink And then just a different wave degree And then so with the bearish case we Would say so the top but I have actually Labeled as a wave one and you know this Was not a clear impulse this was what it Was a diagonal pattern we talked about So this can easily be interpreted as a Corrective wave pattern to the upside as
Well so this would then be a corrective Wave to the upside and we would have a Wave one down here to this low that Would have been a wave one You could argue maybe the wave one was Here but I'd rather put it here than the Wave 2 up here where we've got the wave B then we'd now be in a wave three That should really go down a bit lower In a Wave 3 scenario then we've got away Four that will be the retracement that's What I meant there should be a recovery Either way coming up at some point and Then away five down and that could take Us into the Region 20 to 25 dollars so All it would do it would reset if I now Zoom out a little bit I've never really labored the larger Chart here but Um from a larger or yeah bigger picture Point of view we consider this a large Wave one and here the wave two to the Downside all it would do it would reset The larger wave to a little bit more to The downside but um yeah then we've got Here support at 20 to 25 I think now I Need to see are there any longer charts With a longer price history But this bearish case would take us into The region between 20 and 25 dollars and That would become my primary scenario Below 53 dollars I'm still going to stick with the let's Say short-term bullish scenario just
Because Um we can see five waves down now in Wave C and that would be good for a wave C you know we want to see five waves in Wave C before we can then bounce but it Would really need to bounce at the Latest at 53 dollars there's also some Support and then it could go right it Could go in a third wave to the upside And I can give you a target for the Third wave that just that you know what We could expect should really turn Bullish um but at the moment obviously There's a lot of uncertainty in the Market so I'm losing with confidence now That would take us to around 167 dollars In a wave three at least yeah but um Yeah just this is sort of a key level at The 53 level and ideally I don't want it To stay for a longer period below the 60 US dollar level okay and that's my Update about Ave so hope you liked the Update if you did please hit the like Button leave a comment and subscribe and If you really like the content then Please check out the channel membership Thanks a lot for watching bye