Foreign Welcome to another update video about V Chain yeah V chain isn't doing a lot Unfortunately Um recently I did get a few more Requests again about V chain but really Not you know honestly really nothing not Much has changed since the last videos Even though there's been weeks away Indeed we made a new low Um on the 20th of November I think that Was in line with my last video where we Expected further declines here until we Really put a substantial five wave move To the downside in place here Um as you will remember my view was that We bottomed here we made a local low in A way three in May then we moved up in The wave four that was a triangle and That we're now coming down in this fifth Wave And this fifth wave could indeed in the Bear Market Um it is the fifth wave of a c wave over Wave two a large Wave 2 Decline and this Would be a five wave structure so a wave 5 consists of five waves and the idea is That we moved here Um That we moved here in one two setup then We are now coming down well the wave Three might actually be in now yeah Um this is a wave four possibly and There could be one more like down so
That's just one of the possible options Here Um there's a few different ways of how This can be counted but Um this cannot be the way three low Because it was higher than this one so This would have to be it or maybe the Wave three low is still sitting a little Bit lower depending on how I count it Um Because it could very well be that in This sort of ending diagonal That we've got here This was a one two here a three there's A four and a five to finish off three One more leg up and down there might Even be the more likely option um in an Ending diagonal Fibonacci retracements And extensions are less reliable so what We can use is this you know what Happened here Uh what we can use is this sort of Parallel channel that we can draw that Is perfect for a diagonal pattern and we Have to assume that we carry on with a Downtrend as long as we stay within the Channel Unfortunately there is no sign of Recovery here with v chain V chain needs To to make it at least interesting again From a technical analysis point of view Yeah because here this is really you Know it's sort of catching the falling Knife so to speak
Um to really make it interesting again From a technical analysis point of view It needs to get at least above the 88.7 FIB level that is at 3.3 cents it did Try that here that was on the 15th of August roughly but it failed it Basically dropped below the 88.7 FIB Level retested retest successful dropped Even lower moved higher tried it again Failed again so it tried to break Through it twice and it failed twice Actually tried it here the whole time Within um middle of May and uh yeah Early June yeah and it failed constantly To get back above that level and then Here as well I mean this could have Become a nice inverse Head and Shoulders But obviously it failed and is sliding Down now so not a bullish sign I don't See any reason here to be in any way Aggressively long or anything Um and I also don't see a sign of Stopping at the moment yeah because I Haven't you know we we are missing still Any kind of five wave structure to the Upside Um since it Drop below the 88.7 flip level it hasn't Put any impulse in no impulsive price Movements here so yeah you know the the Movement is further to the downside if We consider Yeah I mean what else can I tell you I Mean this is going to slide down further
Um it is absolutely possible in this way For maybe to touch the channel Resistance again the first sign Obviously that this downtrend is over Could be a break above the channel Resistance Um if that happened today that would be At around 2.6 cents but other than that I think we're gonna slide down lower you Know and we've got we've got significant Support if we just look at the larger Time frame here and I can add the vrvp To this chart so there is significant Support starting at Point what is it 0.9 of a of a cent yeah Um this cluster of support yeah so the One cent level maybe maybe something We're gonna see actually Um which is also in line with this local Support from the 1st of November 2020. Is it good for the coin to go down that Low no absolutely not but it already was Quite bad for the chain to drop below The 88.7 percent flip level Unfortunately now as I often say you Know coins that are really in the first Bear market like V chain is after the First wave one the first wave two in the Crypto Market oftentimes Um you know it's sort of reserved for For you know coins in the in their first Bear Market they often drop below the 88.7 FIB level which doesn't mean it's
Good for the coin right because it needs To recover back above the 88.7 flip Level a lot of coins don't historically Or didn't historically and they died so It's just the risk that we need to Um 2.0 it's just a risk okay I hope V chain Will recover I think it's a good project But obviously this is technical analysis And if we go by you know what's a good Project We shouldn't see these current declines Right because there are lots of good Projects in the crypto market and they All decline like 80 90 so yeah this is a Lower retracement than ideal key support Around the one cent Mark I would say and Um unless we break above the channel we Are probably going to slide lower so It's quite simple it's quite Straightforward cluster of support here Identified around the one cent Mark Um on The Daily we're not even massively Oversold and the reason for that is Because it's just sliding sideways yeah And the longer such a sideways movement Takes the less you will see a decline in The RSI because this is how markets can Consolidate and recover just all those Indicators just by slow sideways Movement so it avoids that these Indicators go down to low and Spark a a Buying reaction so it sort of towards um Yeah it often happens towards the end of
A bear Market to be honest that long Sideways movement you can see slight Bullish divergences on the RSI as well That is because the downward momentum is Slowing down which is the first good Sign but it obviously doesn't mean that An uptrend has started yet we're also You know we're not massively oversold Not even on the four day chart maybe we Need that yeah maybe we need that kind Of capitulation here but you know all in All we just need to be a bit patient Here it is one of those coins which has Unfortunately dropped um below a level That would be good to retrace to so it Dropped too low actually made it quite a Weak coin and you can see what kind of Effect it actually had on the price Since we chain dropped below that level It's basically stopped to do anything It's just sliding down Um and we are missing any interest from Buyers yeah any strong interest from Buyers that's unfortunately what happens In the bear Market it's that um rupai is Exiting the market and it will all be Down to you know which which not all Coins are going to make it back in the Next Bull Run so It all is about can those coins can Those projects get enough interested by Us back in to drive the price back above That 88.7 fit level and the lower the Price goes the more money is required to
Bring those prices back up Okay so we need to wait and see primary Expectation is further down here 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