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] hello and welcome to another update video about Bonk on the Bonk chart we have been tracking a potential impulse to the upside from the fourth wave low here on the 13th of April um however the Bulls have failed to really gener rate a fifth wave so far that could still happen Okay but so far the Bonk chart does not yet show us a five wave advance from the 13th of April low however the price did react to the resistance areas or levels communicated and we’re going to zoom in now and take a look at what the relevant levels are for Trend continuation on the Bonk chart at the moment the idea is that here the market might have bottomed already in a fourth wave pullback that we see on the 13th of April and we could now based on that be in this fifth wave to the upside however we need some further evidence for that we need a five wave move up to get confident okay to be confident in this potential so far I mean the last reversal areas they did work out nicely the market did react here to this support area and here again but has failed to form a five wve move up had we um had we already seen five waves up then I would already give you the next support region however because we haven’t the previous support area remains relevant we might test it again I’m going to zoom in in a moment and we take a look at that but in the alternative scenario which also is still likely because we haven’t formed five waves up um we could still see another decline into the lower support region in this case the market would form a more extended fourth wave in a wxy structure the idea is that either this completed here or we’re forming a more extended WX Y and the Y wave is an A B C so these are the things that we are watching for at the moment and it all depends on whether the Bulls can generate a five wve increase with the five waves up as per Elliot wave we can identify that um yeah probably we are entering a new uptrend okay so obviously we’ve already been tracking this potential impulse but the condition is that the 198 283 level is holding because if we now pull back before we break above it then we only have really three waves up that’s possible okay then at least we could say okay if the next move up is a larger degree fifth wave we’re probably moving in a diagonal but this again is very very difficult to track nevertheless it would be let’s say a plan B which means that if we break below that 198 283 level I will still look for a wave two support level to be um well I will offer that support area and then we’ll we’ll see if the market can hold a higher low however probabilities will then not be clear yeah um the difference is if we have a five wve move up so basically what it needs is just here one more High basically somehow like that one more high that would give us a clean five-wave move then probabilities are much higher that in a pullback a higher low is holding so that doesn’t mean one two setups couldn’t fail they can it’s just that if we have solid five waves in wave one they rarely fail okay they can of course fail the market does what the market wants to do but still probabilities will then be higher for Trend continuation to the upside and the setup is overall not only good in you know in terms of reward and risk but also in terms of probabilities so and yeah if we only have three waves up then that’s also possible that we hold a wave to but it’s only possible it’s not necessarily probable I hope that difference is clear um so at the moment I’m just simply watching what happens here now in this support region it is for example absolutely possible that this fourth wave is still unfolding for example as a flat structure a b c and then we go up so that would not invalidate the way four it would simply delay the move up in wave five or even as a triangle a b c d e and then we go up both are potentials and both I think would be acceptable also in terms of looking at the proportions between waves 2 and four a wave four can be quite substantial quite along quite sideways quite quite you know quite boring um but ultimately also what it looks a bit like an inverse Head and Shoulders pattern here on the chart so that’s interesting as well with the neckline here which is this red line the resistance level at 29687 six so situation hasn’t changed but we’re still watching for a potential five wave move up that fifth wave failed but it reacted to a key resistance level that I mentioned to you so the parameters are being respected but we need that signal that um basically five waves have formed and then we can add the support area for the next pullback until then the current support area is still relevant that’s my update about Bonk hope you like the update if you did please hit a like button leave a comment and subscribe and if you really like the content then please check out the channel membership also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching bye-bye for

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