WaveFibs

OCEAN 4-5 Setup

Long
WaveFibs Updated   
CRYPTO:OCEANUSD   Ocean Protocol
OCEAN is currently in a downward wave-4, having breached the 50% Fibonacci retracement level, which typically marks the final point for wave-4. However, this break has not been sustained. In the crypto market, such levels are often surpassed but can still experience a rally due to high volatility. I've added an additional Fibonacci level at 0.618 as a precaution, but breaking this level would maintain a high risk for the 4-5 setup. Nonetheless, you can still start scaling into the green triangle and scaling out at the red triangle, placing the smallest order at the top and the largest at the bottom.
Comment:
If the price drops below 0.55 cents 0.618 fib, it invalidates wave 4, indicating that a different pattern is emerging and the count needs to be adjusted. However, the price could still rally following a diagonal structure.