Foreign [Music] Welcome to another update video about a Band a band protocol it's a coin that I Have never really talked about here in The videos on the channel it's a coin That we talked about on the or in the Channel membership Um have been talking about that for a While Um but also here something that looked Quite interesting has dropped into Something that yeah might be worth for The watch list but not really more than That and why is that well first of all This is the band chart here prices come From binance we can carefully assume That we moved up in a wave one here back In April 21 and that we completed A correction in a wave 2 here in October Yeah so first of all let's just Generally take a look here at the Fibonacci retracements and we can see That unfortunately band dropped below The 88.7 FIP level back in May that is Not a good situation however also again Just need to be clear here in a reset That to to zero that's where we need to Start it but it doesn't make a Difference really Um but any any coin that drops below That level is not in a good position Generally so band is still below that Level so the absolute minimum
Expectation for band is it has to break Above 270 to consider something really More bullish that is very important Um it was also not a good sign that we Came down we retested from below and Then got rejected and have been moving Until now basically and we are below That level However what is interesting because I Talked about Um bands with the channel members when We So here when we saw that Spike You know there was certainly a chance That this could become a proper impulse In five waves you know basically wave One two three two three But then I told them or told everybody We now need to see a wave four and we Need to hold a certain support level Can't remember which level that was but It obviously dropped too far down but to Get more confidence into something more Bullish we would have had to hold Wave 4 Support and then push higher in wave Five five waves up would have given us a Really really nice trade setup in the Following retracement unfortunately what Did Ben do band completely dropped and Possibly triggered by FTX yeah because The whole Market sold off that British Potential wasn't used So all I can do at the moment I can Count this as a leading diagonal at best
In that I say this was a wave one this Was a wave two And we're now waiting for the Wave 3 to Play out unfortunately the Wave 3 isn't Really playing out And um the problem with leading Diagonals is always that so first of all When you get a pump like that it's Always too late anyway right but it can Act as a signal but then if the signal Breaks down again it's not high Confidence anymore so from a bullish Point of view surely this diagonal Pattern that I've sketched on the chart Here can play out as long as we are in This channel yeah as long as band is Sort of in the channel constrained by The channel [Music] Um And we could argue that this might be Here a leading diagonal a leading Diagonal however is a is a chart Structure that is Just due to the nature of it very Unreliable because it can very easily be Counted in a corrective ABC structure Yeah so I would never really like Diagonals I've shown you a lot of Diagonals here recently and they often Just break down and I always mention Diagonals are not high reliable patterns They are not highly reliable patterns They are patterns that yes could Point
Towards bullish potential so we don't Want to ignore them but they can also Easily just be corrective waves and Break down once more so it's something To be aware of and this here is Something where I'm not interested in Buying at the moment Because what I want to see to get more Confidence that we get back into an Uptrend I now need to see Five waves complete one two three four Five this would be a five wave structure Then we can really call it a complete Leading diagonal then we will probably Get a wave 2 correction down and this is The moment when a long entry can be made From my point of view Can you buy it now of course you can buy It now that's entirely up to you I don't Tell you to buy or not I just purely Tell you how likely I find it To play out not very likely in this Stage or well I can't really make a Comment because it can play out Certainly but it is not until I see the Five waves that I really believe this Structure okay Um the advantage of the current setup Here is that we've moved up strongly We've retraced we are very very close to A key invalidation point which would be Below the wave too low so if you drop Below 134 yeah this is most likely not Going to work out because this is the
Wave too low then the one two setup Isn't validated Um And a stop loss that means the stop loss Can be set quite tight but it can Obviously move up into the five dollar Region if it works or four dollar region Five dollar region so the re the the Reward risk ratio is quite interesting But it's not necessarily high Probability to work out okay Um so yeah that's where we are you know This could become a leading diagonal but Until I see the five waves not high Confidence this can easily break down Until we have all five waves complete Um only when we have the five waves Complete we can have more confidence That a wave 2 is going to hold until Then it's too early and the fact that we Broke down after pushing is not a sign Of strength at the moment so it's a bit Of a game of patience here Or a speculative long trade possibly But then you need to know that yes low Risk High reward but it's not Necessarily high probability that it's Going to work out because it is at best A leading diagonal and as I said below 1.34 pretty much this whole pattern is Not going to work out and probably gonna Continue the downtrend okay Okay that's my update about band I hope You like the update if you did please
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