I'M NOT BUYING THE DIP, HERE'S WHY! ⚠ CRYPTO CRASH ANALYSIS & CRYPTO NEWS TODAY
Guys in this video were going to dive down into bitcoin into a few old coins, see exactly what is going on and see whether or not now is the right time for this opportunity, as we get into if you find it useful, informative hit the like button. Really do appreciate that if you happen to be new to the channel, then why not go ahead and subscribe tap the bell select all notifications, and in doing so you will be kept up to date with everything that we do here at cheeky crypto right with all That said, done and out of the way lets take a look at a few charts. Okay, guys so were going to start things off with bitcoin here on this hourly view, so obviously, as weve been tracking, we have the abc thats come in now we can see the abc here and usually you know from this abc being completed. We can see that we havent really over extended our c wave, so were just going to quickly measure that out make sure that were still on track uh with our expectations, so basically um. Our c wave here should be the same as our a wave. This is the usual kind of way that it tracks, and sometimes it over extends. Sometimes it goes a little bit shorter right and here you can see that we just over over extended and past the one for one ratio. Okay, so well go ahead and put the c just on that top peak there.
Okay, if it went above 1.382, then this would have been a one through five scenario, but we havent actually seen it go past that area now we are overbought. So if we gain we do go past fifty two thousand dollars, then i would be very tempted to basically go ahead and change this into a one two three and hopefully that four would find a nice support level and go into five okay. So there are a few rules that we have to follow with uh. The impulsive waves so well check that, if that were to come, and so right now, obviously being over ball on this stochastic rsi and obviously completing the c wave here were tracking to see whether or not were going to go, impulsive or not um. If not, then you know what happens next will basically be an a b and c down, okay and therefore buying at the top right. Now, if you were to buy the dip of this particular micro movement now i dont generally do too much kind of trading activity on the smaller time frames um. I think its important that we understand that actually long term is a much better strategy right buy in the bear market, hold it for a duration of time and have good strategy about how you go ahead and do these things im, not a trader im not a Day trader or anything like that, and i do not like kind of you know getting in and out of the markets here and thats, not because it doesnt work there.
It is lots of strategies that you can do to kind of get in and out of the markets on the short time frames. Its more that i do not have the time to constantly monitor every single coin that ive invested in that frequently right so and for me, i like to kind of get in uh. You know during a bear market huddle, it dollar cost average. It dollar cost average. My way out of it and were done, okay, it keeps things simple for me and allows my portfolio to be very diverse and obviously the abc move here. Um. If it doesnt turn impulsive, then in fact, even if it does turn impulsive, i probably wouldnt be buying this opportunity ill, be waiting for that pullback, okay and then buy the next one. Okay, because if you have an abc down like this thatll, be followed by an abc up as well. Okay, as we said previously, we are expecting you know things to kind of steadily get that reversal, but nothing moves up in straight lines. Everything will bounce now. What were waiting for at the moment is to wipe out the stochastic rsi, get the momentum taken out and bring that down a little bit, get the correction in and then continue the growth. Now, this yellow line that we had across here for bitcoin at 49 694. Approximately this should be the support level, so what were expecting would be a very small kind of a b and c to find that support level there.
What were hoping that doesnt happen is that that is just your a wave with a b wave up and a c wave down its also possible, but you know you can lose some confidence in the market if you do see, bitcoin pull back that way. Okay, so we you know were open to the idea that theres many different things that are going on. Obviously, i think this is probably the most probable outcome. You know we have these a b and c movements. Okay and we have these kind of mapped inside larger moves, and so i wouldnt be too surprised if actually, we are tracking a bigger abc down. Okay, so watch that one monitor that situation, i dont think that volatility is out of the market yet, and so we are expecting that kind of pullback. Okay. Now, of course, we can go impulsive first before we get this pull back, which means this abc could be much higher and it really depends on what happens next here: okay, so thats for bitcoin right, so its good to understand whats going on, but this recent abc Push to the upside this bounce to the upside has brought some confidence in the market. We can see that theres a flurry of green inside the cryptocurrencies within our portfolio right uh. We have ethereum at nine percent. Weve got solana at nine percent. Weve got cardinal at eleven percent: uh weve got twenty percent for avax uh, you cant talk about crow and weve got stella at twelve percent.
Weve got v chain of 13 percent uh. You know hour on that uh 10, 12 for um for h, bar 16. For for harmony, right and theres, a few double digits here: singularity net uh 22 and multivac 27 now, but its also important to acknowledge that. Yes, within the last 24 hours, we have some confidence coming in the market, theres a lot of red in the last seven days: okay, with the exception of singularitynet thats. Now in uh 4.2 uh for the last seven days and algorand at 1.8. Um solana is 0.2. The most part we are still in a whole world of hurt right for these old coins, and so obviously we acknowledge that recovery is coming, but doesnt necessarily mean that its here yet um. So when we actually take a look at things like cardano um, if we actually take a look at cardano on the kind of larger time frame, we can obviously talk about the potential for a diversion of trend, and this could be potentially starting a whole new trend. In itself right, this is the weekly chart were oversold on our weekly stochastic rsi, and we can also see here. You know that weve basically completed a weekly um, a b and c move. We can measure the distance on these as well, and so we can get that kind of understanding as to whether or not weve come to the bottom of our our c wave correction, you can see that we were potentially a little bit higher than our one for One ratio – but this is also relatively okay, so well monitor to see whether or not that is the bottom of our sea wave or whether or not were going to come down a little bit lower.
But this deviation is a big abc um. You know it is potentially a shift in trend right. We were tracking very, very nicely um wave one, two, three four and the beginning of five. Now we could argue that five was just a very, very short wave right, not even really going to the 1.618 um, which is you know, very frustrating youd expect. That would be your kind of least kind of scenario right there and then youd have to pull back. So this diversion could actually lead to an impulsive move uh next year, once we start to see projects launch on this ecosystem that could potentially take it much higher ive spoken about this previously and so again. Right now, for the longer term time frame, um cardone is looking interesting on the shorter time frames. Theres a lot of things. We have to be kind of uh thinking about. Okay, one is this big pull back here now we know that theres, a huge impulsive move down. Okay, this were thinking is our c wave okay and then, basically, as we can see, this is a much larger play of an a b and c okay, a very, very big abc. Let me just actually remove that one, because we got it there twice. Okay, so a b and c big moves um in theory, this still hasnt played out. We know this because weve also drawn on the fib. Let me move one of them, ive drawn it on twice and we can see down here now, one of the things thats really important to understand about cardinals ada here.
Let me just actually go into a slightly larger time frame. Is this supporting trend line to the upside? Now this is actually going way back um through to you know, pretty much early 2021 february we had it tested in april we had it tested again in july and recently its been tested again in uh in november, right, um, so november or december. I think it is december yeah um, so its important that we acknowledge that, although this abc move is actually come down, it could have come down lower. It found good support on the supporting trend line to the upside, so thats, a good positive and a bounce from here now were trying to see if we are going to get this reversal, this big abc move now this big abc move is something thats going to Play out over time, in my opinion, this is setting a new trend, whether this turns impulsive or not well have to see in the future and but for now we could potentially be on the cusp of an interesting move to the upside, but we find resistance at The 618 on the bigger time frames, pull back down to the good support level of 183 and then get that next to kind of move to the upside overall. So hopefully, this abc is over and well look to track another abc up, basically creating a v bottom. If you will um over time so card on is an interesting one.
On the real small time frames, um theres a lot of things that we should potentially be concerned about. Um, you know, im invested in aid im still invested in natives still run the pollinator um. You know thats changing were not selling any card, i know and all that kind of stuff um, but we should acknowledge that this is interesting uh. This particular move down here right, um so were tracking up like bitcoin. We had the abc move. We can see this here. We can actually take it from our low point and run it up run it down run it up now. We can also see that we are pulling back, even though the price is pushing up right, so were wiping out the stochastic rsi losing momentum, so were finding the upper resistance at 140 1.48 and if we measure the distance here of wave a grab that pull that Down throw this on to wave b, you can see that we came quite short right. We found upper resistance, so were not able to push through. We should have gone to about 1.51 on a one for one ratio of a to c and that hasnt happened, but you know again: sometimes we dont hit it. Sometimes we fall short. Sometimes we fall just above over extending on it right, but always a rent in and around this area. Right now, we can actually see and confirm that its the 786 area that were really finding the upper resistance on were trying to push above it, but we also have upper resistance as well.
So we might have a little bit more of a push with this c wave, but then you know we should expect an abc down at that point, its nothing here, looking impulsive unless bitcoin goes impulsive and takes many of these altcoins with it um. I do anticipate an abc move down for cardano. Therefore, right now might not be a good opportunity to dollar cost average. A good position with ada, but actually waiting for that pullback to occur and then getting in were looking to lower the stochastic into oversold area during wave a push up and with wave b. And then a pullback with wave c wave c would be my entry point, okay and then well be tracking an abc up um. So overall uh you know, cardone is an interesting one with uh. You know pretty much following bitcoins path here, but most of these all coins are um, theyre kind of following bitcoins kind of direction, and we can see the abc coming in and then were looking for that pullback v chain, uh v chains. Doing some really interesting things. If i actually take a look at this on the daily and we can see that v chain is potentially forming out with an elliott wave triangle: okay and um. Basically, you have this a wave, a b c d and an e right so were trying to push up to d. This is something thats going to take some time and then pull back with an e wave before we get that kind of real big push to the upside.
So this is really cool its good to see this one play out. This is something that weve seen with harmony one on the smaller timeframe, so we can see something very similar in basilica and chart as well for uh. For this, although i think the recent pullback may have actually invalidated that one um, but its holding incredibly well here for for v chain, and so right now we are looking to push up with a d wave. Um again wont move up in straight lines. Itll be a big macro pictures, thinking that were on the daily chart here guys and so were not really paying too much attention to the smaller, smaller kind of time frames or the smaller movements. And but we will be looking for an a b and c inside of this d. Wave okay, so well be pushing up inside of here on the smaller time frames theres going to be. Obviously you know a b and c moves as well. So do be. You know cautious, with that im im jumping around different time frames its important that we understand where we are and how long these things are going to play out. I think this is going to be way into 2022 and before we actually complete this e wave and then that push to the upside so do expect to push up with v chain. Do expect a big pull back with v chain and then a good push up right and if we actually take a look at the entry point, if were thinking longer term.
Actually, this isnt a too bad of a position, because e wave coming back down is going to put you right back into the same spot. So you either have a couple of options you either get in earlier or later and depending on where your capital is best used now, obviously, im, not a financial advisor uh chris isnt, a financial professor im, not offering you financial advice, just what i would do. I would either be buying here or down here with wave e. Either of these two are not too bad options in my opinion, and if we are late to the game now, obviously with v chain, as we are so open and honest on this channel uh, you know we are buying. It way down here. Right way way way way down here in the bear market right thats, where you buy now, in fact, you know i wouldnt say that were necessarily buying it in the bear market were buying it after the crash of march 2022, like the bear markets already over here, But this is the true bottom were buying up wave one on this wave riding up into august of 2020.. This is pretty much where we did most of our buying right here. Okay, this is where we did most of it. We did a little bit um around here and but not too much and we pretty much saved everything in this zone. Okay, so its really easy for me to say you know and stay calm, because we got in so early thats.
The power of the bear mark here right: we want the bear market to come because we want to build those positions. This is looking really interesting for a big push would be like big blast at the last moment for for v chain, so thats. Looking pretty good right, i want to kind of cover that off uh, larger time frame, daily char and big impulsive moves uh looking to get to about a dollar and one on the daily. But if we actually take a look at the trend based fib that goes out to 120 okay, so this is actually looking like a really good place. So do expect some volatility here. Push up, pull back blast off right, um, so v chain is looking very, very good, very nice uh to see that kind of play out, thatll be good, okay and um. You know buying down here, i wont be buying, obviously, because my bags were packed way down at this point uh we did actually try to get to a million and uh on this journey in wave uh three um, but we kind of abandoned that um weve got A pretty good position, uh, obviously ive got a pretty good position. I didnt quite get some of the million that i wanted to get. I know chris has got significantly more than me uh. We people way more down here, um, you know so you know i could if i wanted to get in, but i think my uh, my capital is probably going to be better utilized elsewhere.
Okay, so we are talking about potentially like a 10x on this coin. At this point, um for v chain, so the next one is obviously harmony, one. How many ones got a lot of things that have been going on its done? Incredibly well, its had to pull back right. Um again, you know we are tracking uh on this daily chart here the impulsive moves back to the upside right. Now we had the cup and handle complete at 38 cent and the pullbacks that kind of followed now, on the smaller time frames heres that triangle that formed on um on harmony. One right we had the triangle a through e and then impulsive move up, completing that move, uh thats what were tracking but on v chains daily right. So you can see the potential in that one and now here we see that were pulling back uh. We can see pretty much in line uh with everything else thats been going on in the space we have the bigger a b and c move, and then inside here we also have um. You know you can either label this up as um yeah id say. This is an abc, but that c is really extended right so and what we want to do is we want to take a look say: heres, your a wave, heres your b wave. What is that c wave actually doing um, so we want to grab hold of our um.
A wave here were going to grab. This were going to throw this down on top of our b wave. In fact, im going to have to draw it the other way around, because we want to check to see whether this went impulsive um to the downside, so were going to grab that were going to push this here, and we can see that we just fell short. Okay, so basically, what we look for is this 1.382. If we go above 1.382, most of the time after that, we actually turn the abc move into a one. Two, three four five impulsive move down: okay, so thats actually interesting. We can see the good push to the upside now here we actually have an abc abc down and were still tracking. This is actually looking like um yeah, a potential move of an abc down at this point. Okay, so, unlike some of these other projects that weve actually been seeing uh with quite large abcs up like bitcoin, for example, what weve seen here is uh almost the opposite: weve. We actually saw harmony one with an a b looking for the c. Okay, so were expecting that pullback with harmony one, not the best of news. I can appreciate so were watching that space there quite closely and the reason that we say that is if we actually come across here. You can see that we had this a b c here: okay, we pulled back and where other old coins actually had.
This is a big, a wave and then a b wave came in and got the reversal. We havent seen that reversal with um harmony one. Instead, we continued the downtrend and then we moved up a little bit. Basically, this making this an a wave and that b wave so now were tracking for a c okay, so we are looking for more downward trend on harmony. One therefore right now might not be the best opportunity to buy in, and we wont want to wait to lower that stochastic rsi down into the lower areas, and so overall you know the markets are interesting. Im not going to go through all of the old coins. Theres, so many of them, obviously i do want to just kind of highlight a couple that actually most of them are tracking, very similarly uh. We are obviously looking for a pullback to occur, an abc move, um and again. That might be the opportunity to get in on the next wave to the upside, so guys, im gon na leave the video there. If you have found it useful, informative hit.