There is possible resistance here at two levels which are key to break so we can get this run we are looking for. Even before we reach our initial entry point, we could go down further and form the last leg of a 5-3-5 correction pattern. If this was true then I would be looking around $29 for re-entry. Therefore I would place my stop at $31.3 (10.67%).
Although we are at an attractive level to buy in now as we have just found some support at the 0.5 Fib level from wave (1). I would like to see a break from the resistance before thinking about entering a position. Even then, we must consider the airdrop will most likely affect the price. Some people would rather wait until the impact from this settles before buying.