On the weekly time we could see a 5 wave structure (Elliot wave) with Wave 4 forming up. This Wave is typically a consolidation and if it keeps this rate the price could catch up with the Weekly 50EMA and form a support.
Other scenarios are that the price can move lower in the red zone that acts as overall support and could then retrace around the 0.24 price zone: around 20% correction.
This in itself could shake out some buyers but would provide an excellent opportunity to accumulate more.
None of these scenarios nor TA structures are time bound - it's a wait and see game.
Overall view is a long term hold.
Thank you!
Other scenarios are that the price can move lower in the red zone that acts as overall support and could then retrace around the 0.24 price zone: around 20% correction.
This in itself could shake out some buyers but would provide an excellent opportunity to accumulate more.
None of these scenarios nor TA structures are time bound - it's a wait and see game.
Overall view is a long term hold.
Thank you!
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Accumulated more on the drop
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