Since May 12, when COMP reached its all-time high of around $840, the coin has fallen by 80%.
The current decline can be simplified into the correctional structure of "ABC", and we are now in the conditional wave C.
To be sure that the corrective cycle is completed, we need to see a five-wave lead-in structure, until then we can allow a decline to the $140 area.
To simplify, we have a couple of simple buying options:
- the first option is to wait for a decline to the $140 area (a very likely scenario if Bitcoin updates the local minimum of 39k)
- the second option is to wait for holding above the minimum of conditional wave A, in other words, above the level, which is indicated in red on the chart.
Local targets will be in the region of $300, but globally the growth could be much higher.
If you do not simplify and get a more reliable entry pattern, you should wait for an upward movement of five waves and only then buy on the correction to this impulse
The current decline can be simplified into the correctional structure of "ABC", and we are now in the conditional wave C.
To be sure that the corrective cycle is completed, we need to see a five-wave lead-in structure, until then we can allow a decline to the $140 area.
To simplify, we have a couple of simple buying options:
- the first option is to wait for a decline to the $140 area (a very likely scenario if Bitcoin updates the local minimum of 39k)
- the second option is to wait for holding above the minimum of conditional wave A, in other words, above the level, which is indicated in red on the chart.
Local targets will be in the region of $300, but globally the growth could be much higher.
If you do not simplify and get a more reliable entry pattern, you should wait for an upward movement of five waves and only then buy on the correction to this impulse