Foreign Welcome to another update video about V Chain so V chain continues to be a bit Of a let's say a problem Um we talked about extensively the Situation that it would first of all on One hand be good that V chain makes Another low because of the messy price Structure but that it would then have Obviously a chance to recover now let me Tell you one thing at the moment there Is currently no sign at all that it is Recovering and that it has bottomed on The flip side it was not good for it to Make a new low because it Dropped below the 88.7 FIB level and That was the area around 3.3 cents and As I always say a coin that has dropped Below that level is in deep deep trouble We've got Solana now below that level Yeah we've got a lot of coins actually Below that level now and not all of them The solid coins are still holding Um many of them at least we've got V Chain below that it has been below this Level now well since May June right it's Not recovering even here most recently That was in August it tried to get back Above that level and it failed So yeah it gives us problems and I Already indicated here in previous Videos the downtrend to continue There was a bullish scenario but I Mentioned my let's say my concerns with
This because we basically did this 100 Retracement so this was not let me just Take those bullish cards out because They did not at all lead to anything Positive Um The View also then would have to be that Wave 5 didn't end here in June but it's Obviously going to end down here Somewhere which then means that the Um The View yeah this would have been a Way for still but then we need to look At the Subways again right we need to Look at the subway see of this move to The downside So we say that where the Wave 4 ended it Was here in June at around 3.4 cents so From there we moved down in the wave one We moved up in a way of two and we could Say that well this security is the wave Three it's a bit of an ugly one possibly It's a bit of an ugly count to be honest Um this could also be well Some kind of a diagonal pattern I would Say but it is something as extremely Ugly and you can even say we had a wave Three down Here this was the Wave 4 already and We're now in the fifth wave down with a New low extremely ugly structure Um so yeah at any moment this is also One of the coins which at any moment now Could have made the low but the problem With the coin like that is until it
Really shows us something Um it's nothing that I would just touch Right because it has dropped so far And let's just zoom out actually I did Say that a few times the overall longer Time frame chart actually doesn't look Too bad Um it moved up nicely and it's come down A nice ABC correction but it's just Dropped down too far and that just loses Or you know lets us lose some of the Confidence in this chart Um in terms of generally structural Support levels you've got down here the Well it's the one cent level I mean it Wouldn't even be unrealistic to talk About this level anymore Um because this is obviously key Psychological level as well but the Earlier it now reverses to the upside Really the better but the message is I'm Not gonna touch it until we really get a Clear reversal signal So let's take another look I mean this Could have been a way for up With three down wave four up we're now Coming down in five in some kind of an Ending diagonal We've made a new low you know minimum Expectations are fulfilled to the Downside but it's basically like Catching a falling knife right so as Long as this is heading further down and Is not making higher highs and higher
Lows Um again I wouldn't touch it and for me It would really again it would really Really need to and this has been the The agenda since we dropped below that Level it needs to get back above 3.3 Cents to con to basically confirm that We are getting back into possibly some Kind of an uptrend yeah I mean already a Move above the most recent significant Swing high would be important 2.8 cents Um or 2.9 but then really as long as we Are not above the 3.3 Cent level I'm not gonna you know I would not call Out a bottom or anything right so of Course there will be sickness before That if I see anything I will make you Aware but for now this is just heading Further down and you have a very very uh Clear trend line that you will even if We have only two touch points here Um this is such a clear these are so two Such clear resistance levels that or Pivot Points or spikes that if we get And touch the trend line pretty sure you Will see some kind of a reaction to it So there would also be another point to Break above that trend line As a signal that things are getting Better but yeah no it's just it's going Down as long as it's going down and you Know one one cent would be a key support Level but we have dropped down so far That we've dropped below all significant
FIB levers so it's really just now wait And see when it finally stops falling And then the the thing is to wait for uh Uh basically to wait for reverse and the Signal that we get five waves up and Three waves down okay let's be update About V chain so hopefully 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