Foreign Video about polygon medic polygon also Dropping quite strongly here in the last Few days Um I mentioned in the previous video That we could get this reset of a wave 2 Um Here in the in the short term back into The region between 70 and 47 cents so Basically this yeah and then we would Have in this scenario the green count a B c so that in the C wave we're going to Reset this whole thing and that's what Might be happening now I think in the Short term it's very important to Understand that generally Longer term there is nothing bearish Really on this chart until we drop below 47 cents We've got key support currently at the Support level of the channel here which Is just now at around 88 cents so if we Drop below that level it can very well Take us down to 69 to 70 cents if we Drop below that level it can take us Down to 47 if we drop below that level It will take us probably down to around 32 cents which is the June low so these Are the key support levels none of them Would really be long-term bearish Um but obviously a move below 47 cents Would make a direct breakout scenario Very Um unlikely
And it would rather indicate that we are Even going to reset Um or drop below the June low of 32 Cents and it might eventually take us Down to 16. I just wanted to make clear To you in this video the key support Levels should certain levels break that Allows you to basically Um yeah put some limit orders in if you Want to at these key points where Possible reversals are are there I think Generally the the medic chart at the Moment it leans itself very very nicely Um towards you know grid bot trading Having a grid bot running in this Current range here Um very nice Um we talked about three comma script Bots in the past I've got one running so It works quite well There's a link in the description if you Want to find out more about three Commerce Unfortunately they used to Offer a free subscription when you trade With FTX well I think that's sort of not Possible anymore uh quite disappointing Though what's going on with FTX you know That Um but again the the reason for the Current drop here as well is not really Relevant because it's all about trading But what not the why that's always very Important you know you can't change it Anyway
Um and what we might see and that's also Why in the last few videos I brought This ABC onto the chart with a lower low In a wave 2 which is still possible Right is the reason that could contagion Might spread yeah we talked about that I Think Alameda was sort of a little bit Involved with Um Matic so I think we haven't really Seen the full extent of all of this Stuff so that's why I need to be Extremely careful generally in the Crypto space at the moment I think DCA For the long term that's what I like to Do generally across cryptos at the Moment especially Bitcoin ethereum Holding the altcoin exposure quite low And as we make new lows or hit key Support areas DCA is for me the way to Go but really not generally across Altcoins more sort of towards Bitcoin Ethereum and maybe to add to some core Positions for the next Blue run right For some altcoins but while keeping Exposure low so very important now we've Hit here this key support which is the Support of the channel and the 50-day Moving average we did briefly break it Here recently but in the end it hold it That was on the 9th of November Um and yeah at the moment this really Leans itself so we obviously didn't get Five waves up really here Um only in a scenario where we'd say we
Had a truncated wave 5 in wave one then This could have been wave two and the The thing is now are we already in the Third wave so are we in the third wave That could push us against the Resistance of this channel around 150. If we are in the third wave then we Should have here well a one two setup But the one was a bit too short so also Here we didn't really get five waves Which isn't great it would have to be a Diagonal but again I'm tired of looking At diagonals at the moment because they Are sort of everywhere and they Sometimes just don't work out because They are reliable because when you have A diagonal pattern where you count each Sub wave as a three-way structure this Could easily just be a corrective wave Therefore the ABC potential here on the Chart where you need to be ready that we Could drop down and if we break below This low of 88 cents then I think we Could easily go down to 67 sorry 69 70 Cents which would be another possible Entry point then here where we might see A bounce really but yeah it remains a Bit unclear here a lot of volatility uh Probably distorted due to the contagion That spreading yeah Alameda FTX involved Here as well so just be careful Generally again I can't see anything Bearish yet I think all it might do and which it can
Do is a reset of this wave too and I've Made that clear in previous videos that You need to be ready for that Um but as long as we end this channel we Could focus on the on the move up as Well so we've just come back to support But I don't see a sign that it has Bottomed yet so From here there's currently no evidence There's no bullish reversal there's Rather we're just breaking through as we Speak so I'd rather be also with the With the impulsive nature of this move Down at the moment I'd rather be leaning Towards at the moment actually a reset Of the Wave 2 here Um at least getting down to 70 cents Right and then taking a look it's a bit Like BNB where we had an unnatural High Move up and then we're coming down so we Just need to be a bit Bit careful here be prepared for all Scenarios really Um make sure you give your trades a bit Space or you set the tight stop loss and Then reset lower those are sort of the Things or just DCA in the long run but Again that's entirely up to you Um I'd rather be leaning here at the Moment the way this goes at the moment Towards the downside and then we've got The um 70 Cent level coming and if we Break that then we could come down all The way to 47 that would be the next key
Support level But before that actually we've got the Sort of some support here in the region Around here yeah where we had around the 65 to 61 Cent level Um that there will be some support Before actually dropping down to 47 but The thing is 47 is the very much the key Support Okay and that's my update about medic 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 please check out the Channel membership thanks a lot for Watching bye