Bonk Cryptocurrency Price News Today – Technical Analysis Update! Elliott Wave Price Prediction!

Bonk Cryptocurrency Price News Today – Technical Analysis Update! Elliott Wave Price Prediction!

[Music]
yeah hello and welcome to another update
video about Bonk Bonk has performed well
again yesterday and seems to be still
extending in this third wave of circle
wave 1 which we talked about yesterday
let’s zoom out first talk about the
overall structure here you can see that
we are still ranging so we haven’t seen
a breakout it’s just that obviously this
substantial rally it could just be part
of this range because of these wild
extensions on this chart it really takes
a while until a proper breakout happens
but yeah that’s why I like the the
pullback trading idea um overall
expectations are still for the price in
this fifth wave there to reach the uh 73
0239 level at least in one more high if
this move has already start started or
not that remains to be seen good news is
that the support area has provided a
well a nice bounce okay the price
reacted nicely here to the wave four
support Zone and has gained some upside
yeah momentum at the moment it’s still
possible though that the price will make
use again of this support area but we
can count this uh correction completed
so I treat it like that okay so we count
this correction complet
we can count it complete it’s a wxy
structure in this case um the reason why
the reason why I count it as completed
is because in the yellow wave four here
is because it reached the 100% extension
level so you measure the length of the
wave W go to the high of the x-wave and
the Y wve um reaches the 100% extension
that’s great I mean that’s first ideal
Target yeah but there’s no guarantee it
will it will you know move up from here
and and so sustain this is yeah nice
green candles but it hasn’t given me the
five waves up yet so that’s the problem
that’s why we have to keep the door open
in the white count for basically one
more low in that support region for a
larger wave four correction that’s
possible I mean it hasn’t even reached
the 38.2 retracement which it doesn’t
need to because we had that high and
overshooting corrective wave and because
we have an overshooting corrective wave
like in this case the
xwave um the the move down doesn’t need
to move below the wave W okay because
wave W and Wave Y often have the same
length and if the xwave overshoots well
quite logically we would not see a lower
low but you can never really predict
that okay so it’s all about looking for
entries when reward is high risk is low
which is usually the case in these
support zones and now we’ve moved quite
substantially so let’s zoom in looking
at the micro structure I mean from a
bearish point of view short-term
bearish this could just be a high B wve
okay and um it looks like five waves at
the moment sort
of at least that move from the 19th of
April okay that looks like five the
problem I have here with this chart is
overall this is just three waves so from
a short-term bearish point of view a b c
absolutely possible
because it hasn’t given us that next
four five pattern that I need to see to
confirm we’ve bottomed okay that’s what
they like to do these cryptos they rally
aggressively either in their third waves
or the SE waves and then everybody jumps
on board fomo that’s why I like the
pullbacks um and then it fails okay I
have to highlight that that happens all
the time these Corrections extend also
sort of stuff but the overall
expectation doesn’t change even if it
jumps back in or comes back into support
the idea that we should get up up there
in a fifth wave remains valid as long as
the largest support region is holding
and there’s currently no we’re not even
close we haven’t even come close to that
50% FIP level down there so from that
point of view it’s all still intact um I
give you a micro support area as well I
have to adjust this together with the
price but it’s moving all the time so
you know it’s just that you know
constant adjustment so micro support is
now one 17721 0 as long as this is
holding I would expect another 4 five
pattern in circle one if we get wave one
completed then I can add the next
support zone for wave two there’s no I
just because this support zone is here
doesn’t mean we have to come down now no
it just is in case we start the pullback
right now and there’s no evidence there
is pullback then um it would be the
support area now what I can potentially
see is that we get a bounce or pullback
from this resist resistance level at
around
297 100 the red line just the previous
swing highs right and we could get that
pullback and then maybe it gives us
another high in wave five to the next
resistance level up there at
3677 40 or something so obviously you
know the numbers are very it’s just all
these zeros here but yeah that’s sort of
how I see Bonk at the moment I give the
Bulls the benefit of the doubt we can
count the correction completed but be
aware that from a risk measurement point
of view this could just be a b rally
lots of b-wave rallies in wave four
Corrections and so on okay so please be
aware also because this would have to be
a wxy structure it requires additional
proof I mean this could turn into so
much this could even turn into a
triangle a so-called running triangle
with an overshooting b-wave A wve Down
b-wave c-wave D wve ewave and then we
break out that’s unfortunately all
possible so that’s why um it I would
treat it as a range okay treat as range
we’ve got the lower support region
defined adding down here selling up
there but maybe not too much if you want
to trade for the fifth wave so yeah
looking good at the moment but let’s see
in any pullback this support area
ideally is holding I’m treating it as a
diagonal pattern it could be an Impulse
actually to be honest the way this looks
now then in that case it should ideally
not even break below the 50% FIP level
but I always say that ideally even in a
diagonal we’re not breaking below the
50% FIP level but that support area is
already outdated when I upload the video
If it pushes any higher I would have to
constantly adjust it higher but
certainly it would still ideally then it
it would rather hold a bit higher right
so
yeah yeah but looking good um good
performance and support area should be
clear so we’ve got one support area the
upper support area here and the break
below that would rather send the price
back into the lower support region
possibly targeting
92536 or
76533 roughly we can calcul that more
calculate that more precisely once we
have a top in place in wave B which we
won’t know until the price breaks below
the upper support region that’s my
update about Bon hope you like the
update if you did please hit the like
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content thanks a lot for watching
bye-bye

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Ethereum ETH Price News Today – Technical Analysis Update and Price Now! In this video I talk about a technical analysis of the Ethereum Price and I talk about some important price moves that are happening right now! Ethereum Price Prediction! I also talk about Elliott Waves!

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