Cosmos ATOM Crypto Price News Today – Technical Analysis Update, This is Happening Now!

Cosmos ATOM Crypto Price News Today - Technical Analysis Update, This is Happening Now!

Foreign Video about Cosmos atom Yak Cosmos has probably failed Um it's wave 5 to the upside Um we have obviously it's been affected By the general sell-off in the crypto Market I think it would have had really Really good chances to turn around in This yellow support area remember up There we said we're probably going to Come back into this yellow area we came Back into the yellow area but then FTX Hit and binance hit and yeah we just Rushed through and we've even now made a Slightly lower low Than the previous low here then the wave Four this technically would still be Possible as an ABC but most likely not And the reason is as an ABC pattern this Would have to be a zigzag because I Count wave a as five waves In a zigzag the wave B normally doesn't Retrace more than the 78.6 FIB level and That was down here the 1165 level we can Just double check that Yep 1168 roughly Now the moment we drop below it really Nearly well basically increased Massively the risk of invalidation of Another C wave to the upside to complete The fifth wave Um but this looks very impulsive and I It's not a place where I would be long

Or I would like to be long Um not anymore yeah Um remember I did place a trade here Once a long trade I think we were around 12.50 or Something and then I got stopped out at 10.70 or something which was annoying Because we did rally all the way up to 16 Um but yeah I think this is now over Um yeah you can get b waves which Retrace more than the or yeah that Retrace more than the a wave but that Would have to be in a flat pattern and We would have to count this as a three Wave structure now how to count this as A three-way structure is It's it's clearly five waves right so I Don't think this is gonna play out still I think we are heading down already I Think this is to me looking like we had A corrective wave up now Um something that got much more likely When we broke below the green support Area here But then obviously we had a nice Comeback but failed miserably so This is not The primary expectation anymore that we Go up in a c wave Um it would to go long here again and to Suggest a long trade this would Seriously have to Um create a clear impulse for me and

Then the incentive would be to buy the Retracement if it holds a higher low and Then this could come back make a Comeback at the moment we don't have That so take those areas out now because They are not relevant anymore we've come Through them So yeah no the the way Just think how it yeah it's really hard To make it work really from a from a Bullish point of view very unlike I mean To be honest everything is possible but Um Zooming out I mean you could technically The only way really to look at this in Terms of System orbits So the the only way really to look at This little Element here since the June low Um from from here this was the June low Where we came up obviously in three ways We came down on a fourth wave the only Way is that you would have to say that This year is a fifth wave a truncated Fifth wave yeah so-called truncation Um and then we would now come down Already in a wave two basically we would Count this as wave one we would come Down in a wave two now For that it would need to hold above the 7.77 level so that will be significant Support But I wouldn't necessarily trust it at

This stage so there are key support Levels I can give you Um the next one is the 61.8 retracement At 9.48 Obviously it could try a reversal from Here but then I would need to see an ABC Down this looks very impulsive to me so It could be an a wave down no Um so yeah I'm not trusting this yet I Don't think we've bottomed yet and the Key support would be 777 if we even lose This level then I think we've had three Waves up and we're coming down in an Impulsive wave structure here to the Downside yeah unfortunately so it's Nothing anyone the the drop here today Has really lost Um or it has cost atoms some credibility In terms of bullish potential here Yes again it's possible but it would Need to be with a truncated wave high Which Never really works well they very rarely Work so the primary expectation now is To be we go down until we see a clear Reverse of pets on a clear impulse to The upside and should we see that I will Make you aware okay and that's my update About Cosmos atom 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

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