✴️ Lido DAO | Bearish Engulfing

Another great pair, an amazing Cryptocurrency project; Lido DAO is ending a 5-wave bullish impulse and thus a correction is now set to develop.

August 17 is the date LDOUSDT hit a new low to enter a small accumulation phase.
From this accumulation phase we get the 5-up wave pattern.

It is hard to predict the end of a bullish wave but here we can see a very strong bearish candlestick formation, the bearish engulfing.

Today's red/bearish candle is engulfing yesterday's green candle. Technically not a bearish engulfing because of the lower wick yesterday but the bearish implications are the same, the growth is over at least for period while a correction develops.

➖ 5 up, 3 down.
This is EW simplified.

The ABC correction can push LDOUSDT between 0.618 and 0.786 Fib. retracement level.

Another way to look at it is through the moving average of two hundred periods (MA200).
This level can easily be tested as support and it matches the EW projection.

Today's session is the worst since June, so while is early it is still very likely that there is no going back now, this is moving lower.

Invalidation comes on a move and close above the last high at 3.617.

➖ The bullish wave without the accumulation phase lasted 79 days.
➖ Total growth amounts to 162%.

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Comment:

The "last hurray" and the fifth wave was extended... Now prepare for the correction.
This is normal, the market moves up and down... After the low is in, we will get additional growth and 2024 is set to end as an AMAZING year for Cryptocurrency... Nothing is lost.