This is one of the most volatile coins that Coinbase has to offer.
There is no confusion here that this resembles a text book Wyckoff pattern. But the question arrises … could this pattern be a trap?
And the bait is the 1700%+ pump that came after the Selling Climax. It has taken a -96% loss in value since the rally up, so it is in DEEP value here.
Currently printing on the HTF 1:0.618 ratio, so it’s possible that this area could be the completion of a 1:0.618 correction. Also keep in mind that the lower 0.786 is still a potential retracement target.
So, it has printed a second creek here, and could be ready to make a jump to the upside. But this would not be considered a “smart money” area.
This is a dicey coin and comes with major risk, but if it were to recover, there is a high chance that this is the ratio where the tables turn. And when it turns this could be one that is heard from miles.
-Not Financial Advice-