Foreign Is also heading further down we talked About that in previous videos always had This sort of warning on the chart not High confidence in the bullish count Because there was a bullish count in the Previous videos but it was not high Confidence Um so usually you have a bullish in the Bearish account anyway so that you Understand if certain levels get broken Then the let's say the primary Expectation isn't going to work out so You have to focus on the alternative Um so just for clarification here but I Did warn you that there is not much Confidence in the bullish count key Support in the bearish scenario is 170 And we've reached now around 195 so We're getting closer and closer I'm not Sure if we will exactly get to 170 we'll See but by making a new low the chart Will lose a lot of strength long term Not good and yeah so with Nia until we Really see here a clear impulse to the Upside now this thing is getting into a Little bit of trouble we are already if We draw the fips I mean generally for All new viewers we we covered that Before but Um this chart here made a wave one to The upside that is my current view all The way in January 22 we then moved down In a wave a we had here a nice reversal
Point we moved up in a wave B I remember That we talked about an upcoming Correction down And now we are in this sort of C wave Here of the wave two so basically wave One wave two and the next move up would Be a third wave that would be ideal and In the third wave we should get into the Region around thirty four dollars so There would be a nice return but that Assumes that we will reverse and that we Will recover and also I don't know how Long this is going to take timing is Basically impossible to forecast Um But we are heading further down and we Are close to getting into that sort of Region around the 170 level so that's Sort of here in that region if we drop Below I mean this actually goes down That support range all the way down to Around 160. so if we really go below This area well there isn't much support Left I can tell you so that's what I Mean you know any new low here wasn't Really good for the chart however now we Can see from this high which occurred at Around six dollars we can count five Waves down so this could be at some Point over but as long as we don't Really see a reversal signal or as long As we don't break the trend line here Because there is a nice trend line or Actually a channel that we can draw as
Long as that doesn't happen we just have To follow the assumption that we are Heading further down Um if you also look at this here if Let's say we came down here today To the support box of the channel that Would actually take us even down the Support line that would take us down Into the region around 150 actually so Yeah there is still space for further Downside Um a possible reversal will in my Opinion only occur as soon as we break Out of the channel to the upside If if that happened today which it Probably won't Um the move would have to be above three Dollars yeah 335 actually and the Problem that we have with this chart is That we have already dropped a while ago Below the 88.7 Fibonacci retracement That is at around 2.30 so that's what I think when I Referred to this situation recently that If we make a new low this won't be good To for the chart that is what I meant Because any drop below the 88.7 FIB Level is not good for a child it's not Good for a crypto not good for an asset If you are wondering what I mean just Take a look at the V chain chart yeah This literally has not moved at all Since we dropped below the 88.7 FIB Level
Um So yeah I think here we have nearly five Waves down or we actually have five Waves down as you can see here one two This was by the way a short position Possibility that green box there then Here the wave three down the wave four Up and the wave five down so that can Take us down a little bit further 170 Will be important support so between 170 160 but the primary expectation here Sort of has worked out and we are Waiting for the downtrend to get Exhausted but at the moment it still Looks fairly impulsive to me Um downward momentum is still decreasing On The Daily so also here when this is Reducing the downward momentum that Would be a signal of some upcoming Reversal on the four hour chart Interestingly the bullish momentum is Increasing so we already see here Bullish Divergence so Yeah I mean we're getting closer to key Support so we've made a new low Um at any point in time when we see an Impulse to the upside then it will be Interesting do we get five waves up do We get three waves down and if we do That might be a possible first Indication of a reversal but as I said We are in a channel in an important Channel if that channel gets broken that Might be a reversal signal so until then
Knee is not in a good position the 88.7 Fit level is at 2 around 2.30 so as long As we stay below that level it's not Good for the sentiment of the chart Doesn't mean the coin will die but it Means it's just not not good you know And will be harder for the coin to Recover 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