Foreign Welcome to another update video about Crow Chronos so in this video I'd like To talk about the crow token again Um out of well current due to current Developments I think it's worth covering It it has dropped dropped significantly Um in recent days and weeks and it has Actually reached one of my price targets From the last video it's been well Nearly two months that I covered Chrome You can see how long it sometimes takes To play out Um before we really talk about the TA I Really want to show you a snippet from What I said in the last video two months Ago plus also would like to mention the Rumors that are currently going around Of course you know I'm not Insider I Have no idea Um about Crow Chronos or crypto.com What's going on there but there have Been rumors it's all over Twitter that Crypto.com could be one of the next Exchanges to go down Um I just want to put the warning out There it's entirely up to you how you Deal with that how you how you you know If you get your funds of the exchange or Whatever There are some rumors I did post it to The telegram and Discord members earlier Today the same way I did it last weekend For FTX everybody had a chance to get
Their funds off the exchange some did Some didn't some say it was fat fair Enough it could be fun however better Safe than sorry in these cases you all Work way too hard for your money there Is no reason to keep funds on Exchange If you don't use them so I personally Only keep really on the exchanges at the Moment what I personally really need for Trading but even with that I'm extremely Careful at the moment got my ledger got My treasure You know just just in you know in fact Just go back to what crypto was Eventually for you know just do Self-custody that you know be Responsible for your encrypto don't hold Them on to an exchange on an exchange Unless you really need to for some Trading Um but yeah I just want to put the Warnings out there and the development Of the crow token really really makes me Some uh give me some concern so it's not Too bad yet but it is it has dropped Quite significantly so let's take a look First what I said in the last video and Then we take a look at the charts Scenario and practice however I think if This level drops here at 11.6 cents then This head and shoulders comes into play You can actually see that One head and shoulders which would Eventually come down if we just take a
Target of The Head and Shoulders To the breakout point it could take us Down two roundabouts 7.2 cents I think that would even be a Target that would be quite realistic From a bearish Elliott wave count point Of view as well Okay so we had the warning that level at 11 Point what was 11.6 cents if that Broke the head and shoulders could play Out and the bearish count would have Come into control I already mentioned in The video back then that the bullish Card which you saw here on the chart was Getting very unlikely due to all these Strong retracements and especially the Latest retracement which that basically Formed a double bottom you know what I Think about double bottoms they are very Unreliable they are something that many People talk about they're normally not Working out if a coin retraces nearly a Hundred percent it's normally not a Bullish sign it's rather a bearish sign So let's take a look now at the latest Chart wow okay so we've actually reached That Target of around seven cents didn't We Um and I think I updated this for Channel members before I wasn't even Bearish enough Um so let's actually take a look at the Latest chart but the point is that this Crashed down significantly all the way
Down actually to around six cents here a Few days ago these prices are by by the Way coming from FTX oh let me actually Just seeing that so let me actually go To another exchange Let's do coinbase Let's see here prices are way different Okay so here we get a problem now so Let's just update the chart Um we're even below that level now this Is all still within the scope of what we Can do I will need to just put the Entire chart back onto coinbase but for The lower level analysis we don't really Need that at the moment Um what I want to really communicate to You that this low in this scenario here That we talked about in the previous Scenario in the previous video Um that this low was a wave three this High then away four okay so three four And we are now coming down in wave five Um there is a level we definitely should Not break Um if we break that level we get deep Into problems it's around the five cent Level Um but the drop that you can see at the Moment really relates to All These Warnings and the rumors that are going Around and the problem is if you see Such a strong drop in a coin It is not good for the exchange so it All Um well it all sort of makes you wonder
You know what's going on with that Exchange is there stuff happening in the Background so be extremely extremely Careful so from a technical analysis Point of view from Elliott wave point of View this would be the wave one then This would be the wave two we then came Down in the third wave that would have Been on the 13th of October away four to The upside here At around 12.9 cents and now the fifth Wave down now that is getting quite Strong right it's getting problematic Now And that would be a fifth wave of a wave C of a wave two no as a wave C of a wave Five Of a wave two because this would Hopefully but I don't believe it anymore To be honest with all those rumors that Are going around and the way we're Dropping at the moment they should this Should be the last low to end the bear Market problem here that this is Dropping so much at the moment and it's Not stopping and this is a really Impulsive sell-off so it honestly be Extremely careful that's why I put this Video out Um this is not an opportunity to buy and In my opinion this is sort of lifetime Downtrend I mean let's compare that Actually to let's compare that to some Other what do we have we can actually
FTX is pointless here Yeah this is a longer chart history Um this is bitrex so bittrex shows you Here key support around the 5.3 Cent Mark yeah sort of here and if we add the Vrvp indicator to the Chart you can Actually see that this is where most of The support is So let's zoom out a little bit more And you can see that this is the main Area of support we're just hitting that Key area of support the problem is if we Drop below that and by the way here it's Still six point here 6.7 cents you can See how those prices differ at the Moment it's completely crazy Um This is the main area of support if we Drop below the current area I would say It goes down all the way to 5.5 cents if We lose this area there isn't really a Lot of support left Um and really I'm I'm happy I don't really own any Crow maybe a little bit here and there But don't really have much um not much Exposure So it's something that Is making me a bit of a yeah give me a Bit of concern really so let's take Another look on coinbase just sort of in Terms of targets here And As I said 5.3 cents is key support it
Shouldn't really go down below that Level you can see here just the lower Level wave structure I mean you probably Have here Um a small in wave five a one two setup And we had here away three four five to Finish off a larger wave three this is a Four and this is a five of five so it is Really the last one but there is no sign Of bottoming out at the moment this is Rather dropping further and further so Honestly just be extremely careful this Is no coin I would touch anymore until We have a clear reversal signal and even Then in the future with exchange tokens I will be extremely extremely careful Um really I think BNB is probably these Days the only exchange token I would Touch Um not sure about cool coin token but Also they've been they've suffered all These exchange tokens have suffered even BNB has suffered but it's still holding Really really well Um but just makes you you know just Makes you just gives you brings you back Back to reality really that most of These random altcoins or altcoins in General are especially in the bear Market Um you know you shouldn't overexposure You shouldn't have too much exposure to Them right that's why I mainly focus on Bitcoin ethereum in my own portfolio yes
Some altcoins but lower exposure so be Extremely careful really or just Withdraw for trading and then stop Losses but yeah I mean this head and Shoulders pattern we talked about in the Previous video has worked out so far it Has come down and We have now even dropped below the Target of that here especially on Um on coinbase and on bittrex and Probably some other exchanges and to get Some more information here let's switch Over to bittrex again Because the longer chart history really Um and let me take out the vrvp But yeah there isn't much else you can See I mean yes of course surely it's Oversold right but you can see on the Macd here that the downward momentum is Still going it's not stopping really at The moment this is still going Um it is oversold yes but again download Momentum still going and it's just crazy To see all these price difference on Exchanges I mean look at OKC it's seven cents And that's not a good sign really here It's actually five and a half cents the Futures on by bit Um also here you can see yes it's Oversold but downward momentum isn't Stopping the Um macd here is pushing down it's now Oversold on The Daily now look at this
Volume I mean you can say this is You know an opportunity for me not you Know not anymore not with with whatever Happens currently in the space be Careful really I don't need to make that Video longer so yeah Really it shouldn't really go down below That sort of five to five and a half Cent level if that happens then well There isn't really much support left to Be honest so that's a coin that can get Deep into trouble and then with that Crypto.com can get deep into trouble and Take a look at this volume okay so Hopefully you still like the update About Crow 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 Thank you