Coti long term wave cycle is shown on chart, which reflects strong buying demand in the underlying asset t. Additionally we can see that volume is increasing which is a good sign that COTI has some heavy interest. From the top at 52 cents which is clearly an extremely key level having tested it on 3 occasions, we have come down in a complex corrective sequence which resembles a bull flag formation with strong resistance at the key $0.383 level; we broke higher and flipped the level into support breaking the bull flag and likely leading to a new impulse to the upside (MINOR WAVE 5). As you can see the ~1.236 fib extension of MINOR WAVE 1 acted as strong resistance on 3 occasions; it is expected that we push higher here given the strong count on COTI and potential 4th wave completion and retest the key level.
Additionally, as we look across the crypto market not many assets corrected in the fashion that COTI did; which was a WXYXZ complex correction, this indicated that COTI has a lot more buying demand then the rest of the market as it did not correct deeply nor impulsively. It is often seen with complex corrective sequences that they are countertrend movements meaning that once they are completed price will resume moving in the original trend which is upwards. This is why we can expect good growth in COTI as underlying strength is evident.
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Additionally, as we look across the crypto market not many assets corrected in the fashion that COTI did; which was a WXYXZ complex correction, this indicated that COTI has a lot more buying demand then the rest of the market as it did not correct deeply nor impulsively. It is often seen with complex corrective sequences that they are countertrend movements meaning that once they are completed price will resume moving in the original trend which is upwards. This is why we can expect good growth in COTI as underlying strength is evident.
Please like and follow for more! Stay Tuned!