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 On the 9th of November I made a video Where we broke through key support and Told you this is not really the place Where I personally would like to be long Um because we came already very very Close to the previous low indicating That Um we probably finished here we'll move To the upside and that we are coming Down to this two two key ways of how This can be counted from an elite wave Point of view but the general view would Be that either way we haven't seen the Lows yet okay Um and the reason for that is the Following so my first interpretation Would be that we have here five-way Structure up so this was a wave one Um Take the five waves out Um that we have a wave one And that in this wave one we have a Truncated fifth wave unfortunately so That means that we did not due to the Price pressure to the downside we were Not able to push higher than the third Wave Yeah so this would be one interpretation One two three four five Truncated wave I could even count it a Little bit different and I'm going to Show you the alternative wave card in a Minute but this is a truncated wave

Structure which is not attractive it Just means that this is not an ideal Wave pattern anymore it never was you Know remember I talked about this is a Messy price structure but it was Something to look at and something or a Coin that really delivered nicely in the In the first you know few weeks and Months after June But it faded miserably like many other Coins as well due to the FTX Issues so we are now coming down Actually quite impulsively Um that we are coming down so much would Suggest either let me show you That DC was a wave a this C is a b and We're coming down in C still So that's a possibility in that scenario We definitely should hold above 7.70 if We don't then I will go full bear mode On this one because this is really the Last possibility where it should really Turn around and then we would have here A first wave this is the Wave 2 and it Should move up in the third wave but let Me tell you straight away this is not a Coin that I'm going to go long on Anymore not with this price structure There's other coins that look much Better yeah so yes there is some bullish Potential here but this is not a coin I Would touch just because of the Truncated wave doesn't give me a good Feeling yeah and the move down is quite

Impulsive as well so I would want to Wait until things are settled or until I Have a clear impulse to the upside that This is sort of destroyed the Credibility of this chart not saying it Couldn't move up you know unlikely start On surprises happen all the time but Um again we are looking for coins that Show a reliable wave pattern that show a Good wave pattern a few that did have Now been destroyed I would nearly like To say but ethereum for example is still Holding really well and is among you Know one of the best ones together with Medic and command still But they all suffered they all suffered Um yeah so this is the first scenario we Need to hold 7.70 so this is sort of the Last chance for the Bulls the other Scenario which is also not much better Is that we would say okay we had here Away five So the wave one was actually here leads To a similar outcome Um it would however just move the Invalidation point a bit higher so we Would then say it shouldn't really drop Below 9 97 but it doesn't make a great Difference Um also here it's not much more reliable Because also here we have a truncated Way five so but then we would be in the Wave 2 and we then say okay we've seen a Wave a we've seen a wave B and we're now

Coming down in wave C ABC Again both are rather points that well I Think you know of course we could have Already found a little bit of course we Could be reversing yeah and maybe that Was already the wave C to the downside And we're already reversing Um but even then If we are reversing due to the Um Due to the in let's say the the UN the Unreliable wave pattern the structure The higher level wave structure which is Unreliable Um This is not great I mean this actually Is a five wave move up that's not too Bad but it doesn't necessarily mean we Go full bullish here Um of course this can be traded But even if this is an Impulse now Um this could just be for example an a Wave of a larger B wave a b c and that's Why in Elite wave context is so Important and the context here is just That it's not great anymore it's not It's not good anymore you know we've Made a new low where we shouldn't have And this just reduces The credibility of This chart to be very very honest right So yeah of course we can go higher here And this is actually a five wave move up But again it could only be the a wave of

A larger B wave so in that we have Within the B Wave A B C which you have Right in ABC pattern so something like That and then we come down and see but Even in this B wave we shouldn't come Down much lower than the 10 level 10 Yeah 78.6 retrace if we get below that Level it indicates we're coming down Straight away on the flip side A move above the a wave high which is Here at around 12.46 would probably Unlock prices I would say first sort of Into this resistance area around thirty Dollars and 13.35 and then maybe even All the way up to 16 but that would be Quite high for a wave B so we need to Reassess the assumptions Um but Um We can also calculate a target for a c Wave the one to one ratio I don't know If this wave B is finished now we don't Really have a signal but we're talking Here about the one-to-one ratio between Waves A and C then we've got 13.92 that pretty much takes us just Above this resistance area there but one Key Target would be the one-to-one ratio At 13.92 and the other Target would Actually take us yeah to that high at Around 16 When do you know that we have a chance To move up short term well it would be If we break Above This Channel there's a

Bit of a Channel or even in a descending Wedge going on so keep an eye on that Channel that the break of that would be The first signal that things are Changing so you might want to consider This actually bull flag but we don't Have an Evidence of it breaking out to The upside yet so yeah you should you Should now have learned and know all the Key levels that our relevancy on the Chart you should know that this chart Has suffered and it is not as reliable As it was it never was 100 reliable the First issues we had here with the Dropping below the support box not Substantially but it did it all over These things added together just show a Bit of weakness in the chart and it's Just something that I would personally Avoid at the moment not necessarily be Long on of course it can be traded if You trade it know what you're doing set Your stop losses but um yeah Okay this is my update about atom Cosmos Atom hope you like 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 Foreign

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