COIN NEOWAVE ANALYSIS Experimental analysis with the intention to follow back later on as I am still learning
A very interesting chart to look at simply because of its popularity and future growth prospects.
What stuns me the most is its drop from $130 to $40, a decline of 70% in a matter of 8 days, which is insane.
Anyhow, that drop tells me that we are most likely in a larger downtrend, and things might not look good for Coinbase in the long term.
Currently, we have finished wave A and are in wave B of a flat.
The only thing left is the completion of wave G, which should signal the move down to complete wave C.
This G wave will be a big decider in where Coinbase is headed since wave G is likely to be the same in price as wave A. If not, it might be related by 61.8% or 161.8%.
A move at 161.8% would signal a strong B wave and also lower the chances of potentially retracing wave B completely.
Important note: if we break the current high, we are likely headed for the 161.8%. However, if we keep edging downwards, this means that the top is already in.
