CRO: A WARNING TO ALL HOLDERS! (Crypto.com)
com has been absolutely exploding. One of the craziest charts weve, seen in the past couple of months up around a thousand percent off of its lows, is on a logarithmic scale: yeah a thousand percent. Hopefully, if you bought this well, if you bought this anywhere, you are making money so im gon na run you down through the technicals im gon na, tell you where i think its going, and we also do have a little bit of a warning sign. Im gon na share all of that with you in this video so make sure to watch it all the way until the end and smash that like button and subscribe. If youre new, because i post the latest and greatest greatest cryptocurrency technical analysis on the internet and hit that bell notification icon, so you never miss another post because i post in real time, so you can easily miss it so lets get into the video. So the first thing that i want to show you guys on the weekly time frame is going to be the potential for cro to go higher. I know thats, all people care about so lets talk about that right. So lets go on a logarithmic scale and what ive done here is, i just took an a or i just took a fibonacci extension tool. Okay right here, i went from the low to the high of the previous bull run before this massive bull run here, which was if we measure that out about 400, so weve now destroyed that previous bull run.
A thousand percent. So double that more than double that all right. So if you take a look, this is on a linear scale right all ive done is ive gone to a log scale and ive done the fibonacci extension tool from this low to that high and weve got some fibonacci extensions. So if we take a look, we just recently blew past the 1.618 fibonacci extension, which usually is a pretty strong area of resistance, especially in these sort of parabolic moves. Now, when we have some ultra parabolic moves, we usually tend to blow this 1.618 out of the water and usually actually end up going much higher to that 2.0 fibonacci extension level right there, which, if you cant, see that thats at a roughly a dollar and 37 Cents, so from current price that gives us more room about 46 percent for lets, call it 50 percent higher from current price, and it does look like it has the momentum to reach that price. Eventually, if we take a look at rsi, however, there is a little bit of a bearish sign here, and that is the fact that the last time we were this high up on rsi roughly in the 92 area, we did end up turning down and it was Quite the drop right from this high to this low that was about a 72 drop, not saying that cro is going to drop 72 percent. But just the fact that we are in this area in the rsi tells us that theres probably limited upside potential.
As of right now in the short term, okay, so if we drop that lower and we drop down to a smaller time frame like the four hour chart, actually the one hour chart were going to see that we just recently completed an abcd pattern and were going To get off that logarithmic scale all right, so we have this a b c d pattern: a b c d. This just represents an equivalent move higher from this move right in here again, this is on a one hour time frame, so this is pretty short term stuff, but you can see around 94 7 94 cents. Okay was that abcd completion point, and you can clearly see that that was pretty much the exact top as of right now now is this going to be the top for a long time? Who knows definitely do expect some consolidation in this area, because again we are up a thousand percent off of the lows so heres. What i think is going to happen next on cro also take a look at rsi. Look at how rsi is now coming back down from being overbought. That is also a very bearish sign. Okay, so so cro may need a little bit more time before it continues its destructive path to the upside. So where do we think cro is going to go next? Well, something interesting that i found is that we, if we add the 50 hour moving average and the 20 hour moving average, we can see that cro for the most part when it does pull back.
It pulls right back into these moving averages kind of like a moving average band right. So, if youre trying to find an area to buy cro – which i cant really recommend it, not that i ever recommend financial advice, this is not financial advice. I cant recommend it. Just because, in my opinion, i think that we are, you know, were a thousand percent off the lows. Usually, when we get these insane moves to the upside, we tend to have some pretty serious pullbacks, but nonetheless, if youre trying to capture another move higher, which we do still have potential for a dollar 37. After all, then id probably be looking to find an area in this little moving average band right in here, and if we wanted to find some structural support, we could always do something like this. Something along the lines of yeah like that. A little bit of a fat zone there honestly it might need to be a little bit smaller. Something like that. If you dont know, i like to keep it about an inch thick all right, so that was thats going to be our level of support for right. Now, on cro, so dont be surprised if we do end up taking a pullback okay, because we are on that abcd completion point. We were in a level of resistance, so i cant stress this enough. We might need a little bit more time before we continue higher, but that also offers an opportunity to buy this on the dip and, as you can see, the 20 and 50 hour moving averages have been a pretty safe spot to be buying cro.
So that number is going to be roughly between 83 cents and 80 cents, and if you are managing to capture some buy points in that area, then your target is probably going to be a dollar 37 thats best case scenario and thats gon na be 64 higher. All right so be on the lookout for a pullback on cro in the next couple of hours here. This is why you hit the bell notification icon because were trading on an hourly chart, so this can change in a matter of hours right so hit that bell notification icon, hit that subscribe button and hit that, like button smash up that like button, especially that helps The youtube algorithm, also, if youre interested in learning, how i trade check out the mentoring program link in description down below.