I know a lot of you guys are waiting for it. Um. If you remember what what happened here on the koti chart, you know we had that cup and handle. We got the um the breakout right before it actually happened, hit exactly the target level, and now we are sort of in a retracement sideways movement at the moment, at around 57 58 cents and were going to take a closer look at that now we can identify Here, on the chart that we are trading, above all the the main moving other averages, so we are in an uptrend still and even though we are in a short term, you could call it consolidation or sideways movement um its just something to to watch out for Yeah, very importantly, because um you know, whenever you struggle to make higher highs, that could be a first heads up that some sort of correction could be coming similar to back here in march. Remember what happened here we pushed high as well. You know we made a very similar move to what we did here. Sort of similar um tried to push higher couldnt really get higher anymore, and then we had a longer term push to the downside. So just need to be aware of that that it is always possible, its a highly volatile coin – lower market cap and um theres a lot of up and downs, and if you take a look at the bodies on the daily, there was a lot of movement.

You can see that those bodies how long and how big they are compared to what happened down here. There was a lot of volatility in these days on these days. In the last few days, weve seen that dropping off and also what we can see here is we have a bearish diversions on the rsi still on the chart from that high to that high, we made a higher price, but the rsi is dropping, which is the First indicator that the uptrend is slowing down and could be stopping at some point if we struggle to make higher highs. If you remember, i did say you in one of the previous videos that i took 25 percent of my koti coins out. I took some profit. I did that at around, i think 55 cents. I did that because i did buy them when they were 13 cents, which is when um. When i made my actually my first video about cody on this channel, my very first one back june or july, i think um and yeah. That is when i, when i bought them – and i was just happy with my profits and i took some out to reinvest them in some other cryptos that were suffering at the moment or that was suffering at the time. And the reason is that um yeah koti was moving up, while most other cryptos were moving down in the last few weeks. So that was an interesting development, probably fueled by the cardinal summit.

But it was performing where very well before that. Its still performing well to be honest, were above above the 20, the 50 and the 200 moving average and weve had a golden cross here, um a few weeks ago, where the the 50 day moving average was crossing the 200 day moving average. We can see here that the macd might have a bearish cross in the next few days, so just a little bit of a heads up that that might be coming um. That could also be a little bit of fake out like here. You know um so that in its own is only an indicator only indicates, but as long as we have a long signal here on the adx, its all good. As long as were above the moving averages, we are still in an uptrend. So these short term fluctuations. They are normal, its such a volatile crypto, nothing to worry about at the moment, but what we could certainly identify is that the uptrend is slowing down, but i did only take 25 out myself because um it is. It is a lot of potential, especially especially long term, so were just going into the four hour charge just want to show you where we are at the moment, and we are in this, you could call it a a channel um in in this range between 50 Cent – and here i actually have to add another one – 50 and 67 right, so what we did just looking at the price action came down from came up from all this w pattern.

Here we identified a neckline here and we broke to the upside. Then we found some support and resistance in this range here right, so we came up retraced made a higher high retraced, even stronger. That was a heads up for me. You know there is a lot of theres a lot of pushback from the um from the sellers and at that time we actually didnt make a new high. So we made a lower high and we came down to the 50 cent level. Again then, we tried another attempt: couldnt really get through made a little bit of a higher high, but came down now once more its a lower low, a higher low. Now, what does that tell us? First of all, it tells me that i need that we need to get a little bit careful. You know what certainly is good to see that weve come out of the overbought range on the rsi, so, based on that i mean we are in a longer term. Uptrend dont forget that we are in a longer term uptrend and we are not in the overbought range anymore. We are still yeah. We dropped slightly below the bullish range on the rsi, but it just means now. You know this retracement had to happen. This sort of retracement and this consolidation and this sideways movement had to happen because the market was just overheated on the shorter term time frames, so that seems to be completed now and um.

We are, you know we are not in the overbought range anymore, so there is scope for us to push to the upside now um. We just need to be careful that you know we. We are seeing those lower highs here. We have seen a lot of lower highs now, but looking at the elliott waves, just crudely done, i havent counted them before, but lets just see where we could start possibly here. That was a low um, possibly an abc correction down here abc so lets take a look at if we start a wave count with one from here, one two, three, four: five that works. Well, we marked a new high here from then and we came down an abc correction. Okay and then we gone up one two three. That is not four right, because we have come down too far, because this is wave one with a wave three correction. You can never come down into the price range of price off of wave one. So what that needs to be is that we still are in the wave three. If we are in the wave three there isnt much more that we can come down to so that well probably find support here. My guess you know i could be wrong. It could be totally wrong full disclosure here, but my pre, my my view, is that we could actually continue our push to the upside here at some point and um. If that really is wave three and we are continuing our wave three um to the upside, so that is not the high of wave three.

We are still in wave three, which is typically the longest wave as well. So we could push a little bit higher from here, um, which we just might have a little bit more consolidation here. So what we also need to take a look at are the fibonacci extension and retracement levels. So lets just start here where we started the wave one count and take a look at why we are currently retracing to the current levels, and we can see that exactly the current retracement, where we are is sitting in the golden pocket in the golden ratio. At the 0.618 fibonacci retracement level of 56 cents, so we found exact support here, so my view would be also. We had a very long week to the downside here. My guess would be. We will find support here, yeah and then hopefully push to the upside from here now i could be wrong again, but that indicates its a very strong support level. Now, if we lose that we could drop once more down further to the 53. That would be the point: um 786 fibonacci retracement level down here, okay, so in terms of extension levels, if we really break that previous high, we could get to 73 cents in the first instance. That would be the 1.7272 extension level, but very or more likely would be possibly the 80 cents, which is the 1.618 extension level right um. So that is something to watch out for what you certainly need to watch out for if we break below 50 cents, which was a very important support level before here.

But we seem to have come out of that range. But if we drop below 50, whenever that happened before i mean it, didnt it actually didnt have we didnt lose it before, but here as well, when we couldnt get through. So if you lose that you could come down all the way to the um, possibly 30 cent range again yeah, so that would be quite a bit of a drop there. Arent many support and resistance levels in in that range between – and you see from here when we were at around 30, how quickly we pushed up yeah. So i mean yes, there are some highs and lows here, but typically you see these strong movements from 30 cents up to there and when we broke that to the downside, we came up down all the way down to 30 again and he had happened again. We pushed all the way up, so that could really be maybe on a bumpy ride, a push down to 30.. But what could actually happen? Because we have identified this ascending trend line which might still be in play? Hasnt been invalidated yet that if we have, we have an over extension here at the moment coming away from the trend line, so we could really in the worst case, probably i mean what is worst case worst case is zero isnt it, but in a very very Bearish case we could, if we break that, come down to that trend line now that trendline sits exactly at 30 cents at the moment.

So that is really i dont think we would drop easily below that. I dont think so, but it will be a very strong area of support down here and it was support before the good thing is its an ascending trend line. So the longer the price keeps up there. The further up the ascending trend line will go as well and ill keep the ascending trend line on the chart until it has been invalidated. It currently just looks a little bit like that market is rolling over here, but certainly watch the 56 cent level. That is that fibonacci retracement level – i showed you. If we drop much further, we will have to start the recount actually of those um of those waves. But at the moment i think we are still in a wave three in a small scale wave three from which we could actually make a new high, so that would be quite positive, um, but yeah overall long term. This this crypto has has a lot of potential, in my view, no financial advice, of course, and you know i took some profits because i bought early um. But what do you? What you do you need to consider yourselves, obviously, but i think for now were going to stay in. That range, hopefully find some support here at the point 618 fibonacci retracement level and continue to push to the upside because were not in the overbought range anymore. Yes, weve got a bearish divergence, yes, but since then the price has been dropping as well, and its just been mimicking the price so that bearish aversions it is actually over.

You would still have it in place if you push the price higher cant, make a new high um or actually make a new high a little bit higher only and then that could be dropping further, so just showing that the momentum that we are losing momentum, but At the moment, yeah, i think, were just heading into that retracement here at the moment, sideways movement and from here we can hopefully build a lot of strength to push again to the upside thats. My update now hope you liked it. If you did, please smash the like button.