Foreign Also it was one of the best charts out There or one of the higher opportunity Charts now with the latest drop that Occurred here around the day when FTX Went went down around the 9th of the 10th of November things are getting more And more difficult here for Medics and If we see one more low I'm gonna take it Off the opportunities and videos that I Do for members only as well bear in mind This is already getting higher risk now Key support is 17.80 if we lose that low Then yeah I'm gonna take it off and the Reason is just not because it couldn't Ready anymore Um It's just that um this is not getting a Reliable pattern it's not going to be a Reliable pattern anymore and it's just Gonna get you know more more risky as we Head down further and break that support Level this could still be Um a so-called one two setup but with a Very short wave C which is sort of Unreliable as well and Um Yeah not not really let's say not really Good so this would be generally Um Considered here a wave Two To the downside that we did here that Was on the
Was that here the 9th of November yeah And if we zoom in By the way we are now we have hit with This low we have really really hit key Support So if I draw the fips we've Reached the 88.7 trip level it looks Very similar now to Um To Ave yeah very similar chart and also Here with Ave if we make a low below 53 Dollars it puts it into the same let's Say the same Corner um as some of these Bullish charts are failing at least Short term and yeah if we if we if we if We really see one more low then we get Five waves down and this is then going To be extremely difficult you know for a Possible for a possible bullish outcome Especially as we at the same time going To break below that swing low here at 17.80 looking at the entire pattern There's few ways how a bearish count Could occur The first one would just be to see here A wave one then here wave two so Basically we have an overshooting wave So under shooting with b a b c so one Two then here the three currently we Might just be doing a wave four and There will be one more five but then we Put a new low in that could without a Problem reach the 10 range okay or Around ten dollar level Um
But yeah you you just need to know that One more low will kill this probably Um Never Say Never but it's all about Likelihoods isn't it and what are we Putting in here in the very short term Looks like a triangle as well so you Could argue it puts a bit of a trend Continuation pattern in place here which Very shortly should break down if we Talk about it from the angle of trend Continuation Um Because obviously we had a very strong Downtrend sort of around the 10th or the 9th of November It's not not clear but as you can see Here you could argue that we're breaking This right at the moment pretty much to The downside Trent is breaking and then The 17.80 level is the flip level And you could argue that already you can See those swing lows were actually a Little bit higher they were at around 18 So a drop below 18 would put us into a Situation where we have five waves down And the new low and yeah I think um that I'm going to take it off the Opportunities chart still can go back on The on the watch list sort of but it Then hasn't followed through clearly on Its bullish potential Just a message here just to be a bit Careful and of course we can rally from Here I mean the advantage of a certain
Of a situation like this is that we have Pulled back so deep into support that a Stop loss can be set really really Really really close but it's not Necessarily high probability for a long Trade to work out but it is low risk and Possible High reward because the risk is Really sitting below the low below the 18 or 17.80 level which is really close To the current price Um Especially if you zoom out and just look At the next key resistance that might be The wave B high at around 32 dollars Yeah so in that range here 30 to 32 so Um there is a certain opportunity there But it's not necessarily high Probability in terms of working out okay That's my update about Um mateys 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 Thank you