Foreign [Music] Has made that new low that additional Low that we've been waiting for and we Take a look at How likely is it now that We are doing the reversal Um so Chili's is obviously an altcoin It's more risky than let's say the more How would you say the coins that are Here to stay like Bitcoin and ethereum As you need to know all altcoins are Risky especially in the bear market so Any positive trade setups or whatever I Would currently only use for swing Trading personally not for dollar cost Averaging in long term I would only do That with Bitcoin and ethereum but That's only my my strategy Um The idea here with cities is that it is One of the more interesting coins in Terms of structure price structure trade Setup Um in my opinion is currently that we Have already seen the bear Market low Here on the 12th of May that we moved up In a wave one and then we're coming down Currently in this WX y pattern in a wave 2. this Wave 2 could be finished with This additional load that we saw Um yesterday you know today that was huh No yesterday Um but we haven't seen enough yet to Confirm that yeah in terms of bullish
Price action in fact it looks like we Might need one more low because Um it's really really getting Um It you know we we don't really see a Buddhist reaction it it looks still like A corrective move to the upside so the Idea was that in this C wave of Y of two We are coming down here we came down in One two three four and five here I told You that we're probably going to go into Resistance and will come down once more We did that I then showed you the Subwave count and said to you here Ideally we are gonna get one more low Which we which we have now and now we Always need you know every low could be The last one now with chilies as well So we really need to look at the sub Waves in the structure and you can Currently see that this move down was Quite strong Um it looks a little bit like a Wave 3 So it could be obviously and this is Really really sub wave counting but in This way five what I can imagine Happened was a one two this year Possibly the three we are seeing the Four now and should get one more low That would be ideal yeah in terms of the Wave count here and key support area for That next key support level that I think We could reach if we make one more low Is 12.5 Cent level that is the 78.6
Percent flip level anywhere between now And that level would be an ideal time to Turn around an ideal moment to turn Around if we drop below that 12 and a Half cent level then it's gonna get Tough for the bullish scenario because Then it will get very very unlikely or At least much less likely that this is Still a wave 2 in which we come down Which ideally would be followed by a Wave 3 but if we lose the 78.6 Retracement this is getting challenged And is getting less likely yeah Um because the wave two only in the Rarest of cases retraces below the 78.6 Flip level and it has a negative impact Impact on the sentiment really so the 88.7 flip level is the last resort Really we can currently see in that Current bear Market here that a lot of Coins drop to the 88.7 FIB level or even Lower than that but this is really the Higher level pattern yeah in that um we Usually see in crypto those strong Declines However Um in smaller time frame patterns you Don't normally want it to go below the 78.6 FIB level so summary really is Primary expectation as long as we don't Really see an Impulse here is still Further down Um because this move up is corrective However we are probably very very close
To the low and um basically the level Where invalidation will get very likely Is the 12 and a half cent level if we Drop below that so currently looking Interesting I think the first indication That we are going up um if we are Recovering would be a break Above This Wave four high the small Wave 4 high at 15 and a half cents I 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 [Music]