After a historic rise of over 700% from the recent bottom, HBAR has retraced from around 40 cents, corresponding to the 0.618 fib extension level to its all-time high.
Whether this constitutes an Elliott Wave 4 or not, it forms a parallel channel. Parallel channels often suggest complex corrections, so this could be labeled as WXY or WXYXZ unless it clearly exhibits the characteristics of a diagonal triangle (with an extended wave 5).
If the channel's lower edge holds, HBAR might find support at the 0.382 fib extension level, around 25 cents. Otherwise, 21 cents would be another key support level to watch (an upper timeframe image will be attached below).
Considering the current market conditions, a bullish continuation is likely. Therefore, passionate HBARians, including myself, may still have a chance to buy the dip.
Note
Daily. We may see some confluences around 25 and 21 cents.Note
If the channel breaks upward, it is likely to mean that the correction is over, and the count would then be WXY (a double zig-zag).Trade active
The channel has been broken up.It's possible that this was a WXY correction & already complete.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.