$PONS – Blue or Green Path?
Price is down 58% from the September peak, forming a downtrend channel, and is now approaching a bouncing zone that can be divided into 2 paths:
🟦 Blue: Bounces off the 61.8% Fibonacci retracement level at $0.37.
🟩 Green: Bounces off the 100% – 123.6% Fibonacci extension area ($0.29 – $0.18), coming down from the peak based on A & B.
Both paths provide the same end result at least a bounce back toward $0.60 – $0.70. And if the bounce establishes a new bullish cycle, it will lead to new all-time highs.
#Crypto #Trading #ElliottWave
Price is down 58% from the September peak, forming a downtrend channel, and is now approaching a bouncing zone that can be divided into 2 paths:
🟦 Blue: Bounces off the 61.8% Fibonacci retracement level at $0.37.
🟩 Green: Bounces off the 100% – 123.6% Fibonacci extension area ($0.29 – $0.18), coming down from the peak based on A & B.
Both paths provide the same end result at least a bounce back toward $0.60 – $0.70. And if the bounce establishes a new bullish cycle, it will lead to new all-time highs.
#Crypto #Trading #ElliottWave
