It was requested and were going to take a look at what is happening now, because the price is dropping again after the strong trend and the strong breakout that we saw and where are we now so were. Currently, just at that support level of 40 cents here, a little bit below that now actually um, but on the right hand, side you can see ‘ to 40 cents um. We talked about that breakup before it happened. It did happen, and today i did an update. Video after we broke above the 40 cents, i gave you a target of 45 and actually um what i must say. It all depends on which exchange it is. Unfortunately, i did realize that today, because on binance, i just want to show you quickly here. If i go um koti, i believe, was it cody tether, binance, yeah thats, where we exactly reached 45 cents. You can see that but um on this chart here coin um we only reached 44.. So you know there is a bit of a difference. So just to be aware of that, but 45 was exactly reached. I did talk about that in the previous video that my target is 45 thats, the first one, but the actual um target based on the carbon handle pattern that we have was 60, but 44 45 was the first one and yeah. We bounced off that obviously thats something that never can be predicted but um. If there is a resistance level, like the 45 that we had, there is some um, some expectation that there will be a resistance, and you know is that a problem i i dont think so now thats.

Why? I do these videos also to teach you a little bit because you could have seen it, but you know its always easy to say that afterwards. But that is why i do tons of videos and try to explain also the price action behind what is happening. So if you want to learn more about that, you can check my second channel out, on which i teach technical analysis. I talk a lot about price action and how to predict peaks um, so this one could have been predicted um. You know to be honest, fairly easily and um. You know i also cant make videos all the time so um, but just to explain to you really what happened um if we zoom in here on the hourly chart. What you can see here is um were making high highs here then we had that increase of the trend, strength back up to pretty much 43 cents, and that is then, when we saw a bearish divergence on the rsi. I did spot that today, but i just you know i cant, as i said i cant make because of every trend change. I cant make a video all the time. So what im going to do is probably um start something like a telegram group or something. But we did see here the bearish divergence forming exactly from that wave onwards, and before that we had an increase in whoops, an increase in price and an increase on the rsi.

If you dont know what the rsi is its the momentum indicator, you actually dont need it. If you can read price action properly, but many people use it because indicators are some sometimes easier to spot. What it clearly showed is that yeah, the price action was going up, but the bulls or the buyers had difficulties to push the price higher. The price didnt go higher that easily anymore. Here you had really an increase in the momentum. You can clearly see that. That is why i put that trend line there, but actually from there. You know the price increased much further um here, so that was a momentum increase, but then it that momentum increase dropped and we also had actually then here um a horizontal resistance. Suddenly so we didnt make a new high, and after that you know, when you have this sort of triple top, it was actually or double top um, and i talked about that in a video a few days ago on my second channel. So you can check that out. Double top bearish pattern trend reversal pattern. Now that doesnt mean you know, we now go back to 30 cents necessarily, but it means it is just when the buyers lose momentum. The buyers lose strength. The sellers get stronger, probably because of the profit that was made bear in mind. This is a coin or a token with low market cap. You know not not super low, but it is still low.

So there is a lot of volatility in the market. Prices can move easily, and that is why we lost momentum here now were dropping again to that 40 cent level. We get some support here. You can see that lower shadow here on that candle um now its impossible to say you know, are we going to stop now or not, but um you know. I. I think we certainly find some support here and to look at what is probably important is to look at fibonacci retracement levels, fibonacci retracement levels, just to get an idea of you know. Where could we actually head to um on our way down on the retracement? So we start on the beginning of that uptrend here, go to the high, probably just need to move that out of the way go to the high from today. That gives us the fibonacci retracement levels. Now, what is very nice to see is that, currently we are exactly exactly we hit that level exactly thats the 0.236 fibonacci retracement level, thats, not such a significant one, otherwise, the first main one um, the your or the first one, which is actually here on the Fibonacci retracement levels um, you know chart or whatever um tool, but the next one is the 0.382 fibonacci retracement level, that is, it 36.8 cents pretty much 37 cents. And after that, weve got the 0.5, which is at 34.5 cents. So i think to be honest in the worst case, we could actually drop back to 35, but um.

You know i hope youll find support here, because that is not only the pretty much. The 40 cent support thats, also a financial retracement level, which can give us additional support. So sometimes, when you have these different support levels or indicators coming together, that really can provide some strong support so thats. My first guess. I think that we will find some support here and then continue our move up, but its impossible to predict. Now because you know you need to watch the price action, we can just have another look and whats happening now, but i think um second possibility is then that well find some support here at the um here, the 37 cents level, the 0.382 fibonacci retracement level. So still, all looking good guys, we are in an uptrend, were in a clear uptrend. If i remember correctly, we had a golden cross here as well on the daily just need to have another. Look at that um im going to delete the fibonacci levels now and then just one zoom in yeah. We had to go ahead and cross. You know if, if you, as it often happens, if you bought at the the high today at 44 cents or whatever, i personally, you know, i cant give financial advice. I personally wouldnt sell. You know this is such a volatile market. I mean here on the daily. We can see that it has lost momentum as well on the daily. So you know this is also a key resistance level that we had here before um.

So you know it is just what it is and i dont i wouldnt worry about it. If you bought up here, which sometimes happens when you fomo kicks in, i would never recommend that, but people sometimes do so um. I wouldnt be too too worried about that guys. Um. I would hold it personally. You know i cant give you your financial advice. You need to make your own financial decisions um, but i think it will go up from here or in the worst case, drop to the 0.382 fibonacci retracement level and then and then move up from there. But you know nobody really knows thats, just my personal guess, but we can see that that downtrend slowing down a little bit now where it started. Here we had a big candle. Now we have a smaller candle and we have that lower wick. So we have a bit of support here. Also we have that fibonacci retracement level lets take a look, maybe on the 15 minute chart just to get an idea whats going on um but yeah. I know at the moment we see the first green candle here as well again um and um yeah. You know just need to wait how far that goes down. If we really break below that ‘, where we, if we broke below break below the level where we are currently, i think we go down to the next level, which was around, i think 37 cents.

I just told you – and that falls pretty much together with with this resistance here or support that we had here. So we can just put that onto the chart now, because you can clearly see that we had some area of support here before before we moved further up, and that is where we might go back down to yeah. If we, if we dont hold the current 40 cent level, would be really nice to hold it because from then on we can continue our way further up, but i think you know these are consolidations. They are normal. What is obviously striking is that um that retracement now is a bit stronger than you know. We had here and a bit stronger than we had here, but its still, all you know in sort of bullish territory. We are still. You know at the first key fibonacci retracement level havent broken through, even if we get to the second one. You know this is not a bearish sign. Weve just come from a major major uptrend here in the last few days, and this is all good still. This is all still okay, all right. So hopefully you like that update.