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 yeah Bon seems to be
working on this impulse to the upside
still in yesterday’s update I
highlighted to you that the additional
extension that we observed is likely um
wave five still part of an unfolding
third wave so that means we haven’t got
five waves up yet okay to really confirm
an impulsive reversal here and that wave
four is bottomed in our support Zone we
need to see one more one more High all
right so we have a wave one we have a
wave two and then this is the third
which consists of five micro structure
waves in there within that third wave
and then this could now be the fourth
and we can get one more High basically
this would be the next level of
confirmation that wave four the larger
degree wave four bottomed here on the
13th of April so that’s sort of what we
need to see to get additional evidence
from an analysis point of view that way
four is
bottomed and we can now look at this
fifth wave uh rally potentially to come
in but again from this five-wave pattern
the highest probability element is
likely done because that’s typically the
third wave and and we’re now looking
maybe at one more High to really get
that one more high in this pattern the
price needs to hold um here 17721 to be
honest ideally it doesn’t even break
below
19468 which would be needed to to call
it an Impulse so when we look at the
micro structure this here ideally was
just the small a wve down we get a b wve
and then a c-wave down so like that okay
this is what would need to happen um
just basically
avoiding a break below 19468 if that
happens okay it could still be a leading
diagonal but it would get even more
ambiguous to really call it an Impulse
it needs to hold that 50% retracement
and then one more high it’s possible
yesterday and yesterday’s video I shared
with you that we have the next
resistance level here and that this
might be where it gets rejected which it
did to drop back into support I already
gave you that support area yesterday
actually and if one more High forms
maybe that fifth wave could could reach
the next key
resistance may maybe not quite I mean
that would be a long fifth wave but
somewhere between here these two levels
one of them is the 295 240 level the
other one 368
230 somewhere in there it would be a
Target area 4way five of one but again I
gave you the key level that needs to
hold which distinguishes between bullish
and bearish
momentum I would I would say we’ve got
the 50% retracement level here that’s
really the key level then we have an
additional buff Zone in case it wants to
form a diagonal but below that level I
would have to assume that it topped in
wave B in white so it remains a bit
ambiguous if this is part of um yellow
or white count the white count suggests
another low is likely but it’s
attempting that reversal actually and
it’s doing it in an impulsive way just
hasn’t fulfilled a complete impulse so
whenever I can count a correction
complete which is here I I in you know I
do it and then um I call it complete or
count it complete don’t make a call here
because we haven’t got the five waves up
yet so if we get five waves up I can say
okay we bottomed here now we’re looking
for the next pullback in Wave 2 which
would be the next tradable setup really
after we already bottomed in the orange
support region here and um let me just
shift that
over so that means I can only add the
next let’s say reliable support region
once we have five waves completed this
year yeah I mean you might want to use
that for sculping if you’re doing that
but this is not a reliable support
region because coins tend to break after
three waves still though I’m inclined to
focus on the upside as long as we’re
holding above that support area
especially as long as we’re holding
above the 50% retracement so regardless
of whether we’ve bottomed already here
on the 13th of April or whether we form
another low in this support
region this stru structure
overall yeah so either we’ve bottomed or
one more low is still
bullish against the lower support region
and would imply a rally to at least the
38.2 extension up there at 730 239 so
that’s why this orange support region
the lower one is and was quite
interesting for anybody who is looking
was looking for potential entries that’s
why the boxes are on the chart but
essentially you have to choose where you
want to find an
entry I typically say okay it might be
worth it might be reasonable to use the
support zones for scaling in especially
the main ones the micro ones are
obviously a bit less reliable but the
main ones um if you’re trading the range
for example they can be very useful and
then yeah I mean that’s where reward and
risk is typically favorable 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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