Foreign Welcome to another update video to take A look at Crow we take another look at Crypto.com Crow due to the current Situation a lot of requests for another Look at scroll I did it yesterday Already Um but I think there's just a lot of Interest currently because this is Certainly a coin that is moving at the Moment it is actually coming down yeah We talked about that in previous videos That another move down is very likely I Did show it to you yesterday in the Video that there was this head and Shoulders pattern that actually showed Us that we could come down into the Region around six to seven cents yeah Which then also happened but obviously We've got the fundamental situation Around cryptoled.com and basically a So-called Bank Run on crypto.com a lot Of people are withdrawing their assets The eth reserves have dropped as far as I know around 50 to 60 percent on Crypto.com And I think they're getting into trouble Here um but obviously I don't know I'm Not sort of behind the scenes but what I Did personally I didn't have a lot of Funds on crypto.com but I did withdraw Everything yesterday because Um I've been um I've been very careful With FTX so I managed to get my funds
Off FTX I want my community on Telegram And Discord last Saturday about this and I think it saved a lot of people Um and the same thing with crypto.com we Just need to be careful these days right And uh also we made a member livestream Yesterday about you know wallet software What is Hardware wallets what what to Use and I think that fits very well into The current situation so at the moment Um personally you know I'm not gonna Touch Crow at the moment Um this is sort of the elite wave Interpretation of the current chart I Know a lot of people were interested in This that's why I want to give you an Update Um the overall situation is that there Is a chance or there is the view that This year was a wave one to the upside Side and we're coming down in a wave 2 At the moment now we can take a look at That and we can look at the fips and we Can see that we have dropped below the 10 cent or 11 Cent level which is Basically here the 88.7 percent Fibonacci retracement level that is Seriously not a good sign that is not a Good sign because it means that there is A lot of problem or there are a lot of Problems with the sentiment around this Coin any coin that drops substantially Below that level not a good thing we've Dropped below it substantially 50 down
50 below the 88.7 percent FIB level so That is a situation Um that makes me worry a little bit and Where we already talked back in I think May June extensively we talked extensive Extensively around coins that dropped Below that level one example is V chain V chain also seems to be in trouble at The moment it's just not recovering Right Um I mean yes we we need to see that This is sort of let's say the first real Bear Market Um you could say for Crow so you could Argue maybe it's allowed to do that but It is never good for the coin right There there are just other coins and a Lot of other coins out there which are Not so much in trouble that are not Below the 88.7 FIB level in addition to That you can see we've got this Descending trend line here of the Sort of Swing High here from December 21 We are below that level we've actually Have three nice touch points of this Trend line and we bounced off again I Think really only when we get back above This trend line there is the first sign That things are recovering and reversing So at the moment we can see that if we If we if we assume we are in an overall Uptrend then this would be a wave one And this here is a wave 2 to the Downside
Um ABC in the Wave 2 and within the C Wave a wave one a wave two a wave three A wave four and we are now in the way Five So based on that we could say the Pattern is full and it basically is now At the makeup make or breakpoint because Either it recovers now or it's gonna die That's where where we are really Um because you know if it drops much Further it's probably gonna He's probably gonna die at some point Which Um I don't really want to say because Obviously I don't know but it is Certainly in a situation where I Wouldn't touch it until it really gives A very very clear reverse signal and I Think the current situation has shown a Lot of people that we need to be careful With exchange tokens honestly we need to Be careful but let's take a look at the Four hour chart here and there you can See very clearly how we bounced off this Trend line by the way I moved the data Source so yesterday I think I still had The no I had the coinbase chart but the Coinbase chart didn't really give us a Long price history whereas the Huawei Chart does and we can also draw here the Sub waves off the fifth wave and my view Is we had a wave one two here then we Had a wave three which was on the 22nd Of September at around 10 cents a wave 4 To the upside here around 12 and a half
Cents and then we are coming down now in The fifth wave now that could be over at Any point but really we need to see a Strong reverse signal there are three Key reversal signals and Um They are all relevant so The First Signal would be a break above The trend line that would be a first Sign that things might be reversing not A very strong sign though in my opinion The next sign would be a break above the Way four high at around 12.7 cents that Would be at least give it give it a Chance for some shorter term upside all The way up to around 16 cents it's Really only Above This level above the Higher degree wave four high if we break Above 16 cents then I would probably say With confidence that low has been made Here until we see that happen I'm Extremely skeptical also around the Entire macro situation that's going on Here so it's time to be careful I think Pumps short-term pumps you know you get Lucky pumps are always always possible In an oversold market like that you can Get a day with good news and suddenly This thing is going to go up 20 to 30 Percent but it really is only above Those key breakout points that we can Get long term let's say bullish again on Crow until that's the case especially on As long as we are below the descending
Trend line here the focus would be Further on the downside now that's Really as far as the elite wave analysis Goes we would like to take a look at General support and resistance levels as Well and maybe have a glance on the log Chart as well because looking at the log Chart You can draw obviously the fips based on The log as well And based on this lock chart we've Reached the 78.6 FIB level at 5.3 cents So that is also a key support level we Don't want to ignore Um if we lose the 5.3 Cent level the log Chart would give us another FIB level Which is on the log chart the 88.7 FIB Level and that would take us down to 3.7 cents so I think really if we lose The 5.3 cents Ascent level we have a Potential to drop down all the way to 3.6 so that would be pretty much another 40 maybe 50 percent the Rope yeah so That is certainly important and Certainly key Um and then generally if we just look at Support resistance Structural levels you have here another Low around 2.6 cents but then you can Already see it if you lose the 2.6 level I would say this thing is dead because Then it lost all support and will be in A lifetime downtrend Okay and that's my update about Crow
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