Foreign That I talked about in the last video Um so far as we know we haven't had from The low here on the 14th of November we Haven't had five waves up so we do not Have a confirmed breakout here Um at all and at the moment this rather Seems um as a failure because Um we are putting a pattern in which you Could call a descending triangle and we Are now at a level here where if we Break below this level it's probably or It's likely that we are not going to see A fifth wave to the upside Um in this particular wave pattern we Talked about that in the last video Um it's it's good I think at the moment To be skeptical about a possible Breakout because as long as we don't Have five waves to the upside we we need To be and that is what you can see Currently across the board in crypto When charts rally they put often only Three waves in which is basically like a Failure pattern yeah it's sort of a Corrective rally Um but it's not a substantial breakout For that you would need five waves up And then the three waves down putting a Higher low in and then you can be more Confident that this is going to start to Move to the upside command hasn't done That so client is still sort of here Hovering around support at 100 Eleven
Hundred twelve dollars the level that we Touched before a few times so zooming Out first putting a bit of context here In um for everybody who hasn't watched My videos before Um we are looking here still at a larger So a larger bullish pattern the Assumption at the moment can be that the Bear Market low for Quantum was already In here around yeah 40 41 and that we Moved up in five waves one two three Four five that was a high you know Larger wave one around 228 dollars we Then came down in a way of two we are Now in a possible reversal pattern or Area because We can count this Wave 2 is complete or Nearly complete so which doesn't mean it Has to be complete it can still go lower But we now need to be on the lookout for A possible reversal which we're doing at The moment it's not very convincing yet Um So overall here in this wave too we've Put in a wave a we've put in a wave b And a full wave C so we have five waves To the downside which a wave C would Consist of as complete Um but again such a way five for example Of C can extend out you know or maybe we Are still in the in the way four that's Possible as well that we only had here a Wave a b and this is a c wave and we're Coming down once more that's all
Possible therefore what we need to see As a valid reversal signal first of all I want to see five waves and even better Would be a break above the wave four High here at 135 US Dollars now we Haven't seen any of that therefore I'm Still skeptical however we have been in The support area this is a possible Reversal area from where we could move Up so at the moment it's sort of yeah It's sort of make or break here of this Particular pattern because if we zoom in As I said we can count it complete When I told you it can be counted Complete we saw a bit of a rally here But not a very convincing rally yet Let's go to the one hour chart Only three waves as I said we stopped at Resistance Okay so if you just extend out this sort Of Channel further you can see that We're still fighting with this channel Um resistance support line so we're Dancing around it at the moment it Doesn't really respect it a lot I think Important is now this kind of if I put a Line in here horizontal one you can see How we bounced of the 126.11 now a few Times here and here so this is key Resistance but then also I would need to Get above the Wicks on the way up 135 Dollars Could there still be a wave 4 that we're Putting in basically that we had here
Wave one two three and we're coming down In four now yeah it could be but we have An overlap between waves one and um or Between the wave one high and the low Here so I could only count it as a Diagonal pattern which I would have to Do anyway because the wave one in this Pattern only has three waves so each of The waves to the upside is a three wave Pattern Um so really what is the key level a Wave three should normally sorry away Four should normally not retrace more Than the fifty percent Fibonacci extent A retracement and as you can see we've Already come down to the 61.8 Though I'm not convinced anymore that This is going to break to the upside Um I would only really be convinced if We now from here put a new high in and Rally above 126 dollars you can see that You can call it where you can actually Call this a descending triangle at the Moment there's different ways of how you Can draw this but we're basically Putting in lower highs here and we're Hitting the support level Um several times now so this is nothing That would be immediately bullish Um yeah what I would want to see is Either already from here from this Support level or it's going to break Down most likely yeah if we come if we If we lose the 112 100 11 hundred twelve
Dollar level we're probably going to see The retest of the previous low here at 104. Then 100 which is just psychological Support and then the 94 level and from Here we then have a chance to Rally Again theoretically this can still come Down to 81 it wouldn't be a problem it Wouldn't put the chart into a bearish Context or anything Um it would just show us that the market Wasn't ready yet but generally what I Can tell you you need to be ready from Anywhere in this green area that is Where at the moment I would primarily Expect the price to reverse Um so don't you know don't complain if It suddenly starts to Rally because this Is the support area from where it can Move up what we're looking here is for Further evidence that this is happening At the moment we only see three waves up Which is not the most reliable pattern Um on the flip side the move down here Looks corrective as well so I won't rule Out higher highs from here and It would all be in line with expectation Generally that from anywhere in here We're going to see the reversal because We have been in it yeah we've touched it Again without touching it again and These are the areas from where we can See a reversal but anybody who wants More
Yeah more comforts you know or more Evidence needs to wait but for me this Is a chance to ready from here but I Can't confirm it yet because we've Basically come down to low in a way for The movement to the upside was only in Three waves and we haven't broken any Critical resistance levels which would Be 126 and 134. okay that's my update about kavant Hope you liked 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