Foreign [Music] Welcome to another update video about Polka dots Um yeah while we've seen some cryptos do Really well we have some tradable lows On the Bitcoin chart If you're in charge we talked about Litecoin Um here this week but I think that was Nearly it you know there weren't many Others that did really well and polka Dot was was one of them that didn't Really do well it is quite a boring Chart I had quite a lot of requests for Polka dot but it's just not doing Anything Um and that's the same because it plays Quite an important role I believe in the You know the development of the crypto Space and this again just shows that Price movements and the building of Price and charts they have to do with Sentiment that's exactly what the Elliott waves here measure and what we Use nothing with fundamentals because Arguably polka dot is a really really Good project yeah fundamentally really Solid project but the chart just doesn't Do anything at the moment yeah now we Have off this high in August yeah at Around ten dollars we have five waves Down in what I consider to be a diagonal Pattern and there's there's different
Ways of how this diagonal can be drawn And to be honest it doesn't really make Too much of a difference but um Of the um of the high I can look at this As a five wave move one two three four And the fifth wave and we could say that Possibly the bear Market low has been Struck you know we did wait for another Low it happened So primary expectation fulfilled for Polkadot But it's still a coin where I am more Leaning towards another low now because It just hasn't shown enough evidence That the law is in okay so first of all I think Um it becomes quite evident that We are still in some kind of a channel Here can you see that we are still in Some kind of a channel and I take all Those lines out we don't really need Them anymore Um we are in some kind of a channel as Long as we are in this channel I don't See really the prospect or the Strong chance of polka dot ending this Bear Market I mean at least for us in Order to get evidence yeah we need to See a lot more of polka dot and as I Said of course there's a chance that Polka dot or dot ended the bear Market Here around five dollars that's possible But for us to get more confidence about This idea we now need to see a much
Stronger movement in five waves we're Far away from that so If we go here into the detail you can Actually see that off the low here from The like the 22nd of November low You can actually count five waves up I Mean this is a five wave move and There's Um again there's different ways of of How this can be how this can can be Counted especially on the lower time Frame but to keep it simple one two Three four five got a five wave move Wave one the longest wave in this case Not a problem but um five ways up and Then You've got an ABC down you've got a Three wave move down off the high a b c We did hold that low here at 5.6 and we Are now pushing higher and what you Could argue is a five wave move as well Which is great because then in the end This could become One two three four five but we've not Completed it yet and until we you know We've seen so many attempts of these Coins in this bear Market to to try to Rarely to try to put something in place They always they often fail at three Waves So don't get too excited about this what Needs to happen here first And you know the the absolute minimum is Is good I mean it's a fulfilled the
Importance is that in this move up we Now broke above the wave one high Because yesterday here or the few days Ago we failed at this resistance now at Least we pushed above it now that's good That's the first sign Um that things could be changing but you Can consider this as a one two setup and Then we calculate the target for the Third wave and we would need to reach The 5.95 level in this third wave if we Get there then hold support in a four Then push higher in a five and basically Go above the wave three High then we've Got five relevant Waves and if we then hold support in an ABC correction we can be more confident That a low has been made at the moment This is not enough for me yet to confirm That we are on track here yeah but it Could very well at the moment just be an ABC pattern again and another break out To the downside to follow so Um my view at the moment is here I'm Gonna Focus further on the downside Until the chart proves to me that it's Finally capable of pushing in five waves To the upside and in holding support in A wave two basically doing this as a Wave one coming back in Wave 2 support And then it could Cascade higher like Or as follows you're basically as a wave One then we come down in two hold Support move higher in three come down
At four and move up in five and then we Hold a support again you know and that's How it builds and Cascades higher but You know if we are here starting to do Something it's too early to really Confirm anything we have very very early Days Um important resistance levels of course Here the descending trend line and the Wave four high here at 7.41 and then the Wave too high at eight dollars and eight You know those are the key levels that Need to be broken as well so um no Reason to follow here you know it's not Doing anything anyway but Um even if it starts pushing I would I Would want to wait for a signal you know Just waiting for a confirmed bottom in Place otherwise you know you're just Calling the uh catching the folding Knife okay and that's my update about Polka dot 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 [Music] Thank you