Crypto Analysis | KOIN ABC Correction Completed?

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Koin has probably finished its ABC correction and is back on track to higher highs

Just last week I argued for an ABC correction which played out quite well so far.

As expected price went back to the main support trend line at around 65 cents. This should be the end of this correciton unless Bitcoin turns bearish. But the top of the bull market has not been here yet and should still be off for another ~6 months.

This means that prices will probably reach for higher highs again. How high? Let's have a look.

First, this is the updated chart as of today:

Looking at the larger picture we can see an upward channel that perfectly fits the 1-2-3-4-5 impulse wave. You might also see that the subwaves are all fractals of each other. Similarly, the bigger movement is a fractal of the smaller ones. If so, we could expect the movement to continue higher as seen in the left ellipse.

Here is a possible scenario for KOIN. This is the most bullish case as we would be heading to about 10$ for spring/summer of 2022. It appears that KOIN has developed a tendency for a double top, so I think the top could look something like this:

Notice that price has a potential to fall back to 1-2$ in a bear market which should start in Summer/fall of 2022.

Overall, this looks very promising. The perhaps early run up in spring might be caused by the launch of mainnet in Q1 of 2022.

 

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As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!

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