Many of my subscribers asked me to update the analysis for this coin. At your request, I do this express analysis.
In less than a month, the Waves were able to rise by more than 75%.
For this coin, this is a good result, and after a rapid price rise in late April, many traders wanted to fix their profits.
After that, the price again began to grow, but without ever renewing its high, it began a smooth descent. As a result of such movements in the market, the price painted a pattern very similar to "Adam and EVA ." This is a pattern that may indicate a change in the local trend, but markets would not be markets if they could be so easily predicted. And even the most accurate pattern always requires confirmation and more detailed analysis.
As you may have noticed, I really like to use the Fibonacci distribution levels for analysis. In this case, I will also use this tool.
Since entering the Binance market, the waves have reached their peak by mid-December 2017, after which they have gone into a downward trend along with the rest of the market. This situation lasted until the end of March - early April 2018, when the of trading on this coin significantly increased.
April 10, the price could go beyond the downtrend and by April 20, testing 21.6% of the Fibonacci level. The market is not enough for the time yet, and naturally, it was not possible to break this level from the first time. The price was lower but did not go down to the level of previous lows. This was a good testimony to the serious mood of buyers and again pushed the price up. However, the second time to overcome this level did not happen. the price fell again and again to the level of 5620 satosh, while confirming the formation of a good level of support. It is especially noteworthy that this level during the previous month acted as a .
For the third time, buyers of a little bit failed to reach 6,340 Satoshi, which became a local resistance, and there was a false turn, the task of which was to drop especially hypocritical buyers. After that, the price quickly rushed up and rose more than 50%.
It is especially interesting that the price could break 61.8% of Fibo, and if buyers could hold this position, we could see a stunning growth to new heights. However, this did not happen. The price dropped, and fell to the level of 38.2% Fibo. The buyers kept the fall and resumed growth. However, in the second time, 61.8% failed to break through the level. The price went down, reflected from 38.2%, but lonely buyers could not hold back the fall for a long time and the price fell lower.
I see two main scenarios.
1. The price falls to a new level of support for 6340 satosh, where buyers consolidate and push it up.
2. Sellers sell this level of support and the price falls lower to a stronger level of support for 5640 satosh. In this case, we will get an even better offer to buy.
I consider any other scenarios to be more risky, and in case of resumption of growth from the current level I will consider the possibility of entry only after fixing the price above 8400 Satoshi.
Always assess the risks, only if you have a trading strategy, fix profit in time and get only positive emotions from the trade.
Good luck and good trading!