00:00Hello and welcome to another update video on HBAR. Today we see a little bit of a sell-off in the crypto sector.
00:08Again, where did the HBAR start that? Exactly at the resistance level, right?
00:13So that's, it's, it's again, I can only highlight again that this 28 cent level there is a tough one to break above.
00:20It's the, it's, I explained it in previous videos a lot, you know, it's, it's an important Fibonacci extension level,
00:27but also it was previous structural resistance. So yeah, the market struggles to get above this level.
00:35The 33 cent or 33.3 cent level is next resistance. But first of all, we would need to break back above 28 cents.
00:44So we haven't done that yet and we see a pullback today.
00:47So I think the focus today and over the coming sessions is on whether the bulls can actually defend the relevant micro support levels
00:56that we talked about already, right? But we want to focus on them because HBAR has now finally entered the support zone.
01:06And the support zone, which I will share with you, is going to help us distinguish between bullish and bearish momentum.
01:14So let's take a look at the shorter timeframe.
01:17You see it here. It's currently finally, finally, some kind of a pullback that allows us to identify some structure.
01:23Now, in the white scenario, I mean, this is a full wave count, right?
01:29That tells you a lot about the risk. This is a full C wave to the upside.
01:32It's a full five wave move up. But we said that in the blue count, we might still see further upside.
01:39And that's preferred as long as we're holding above 20.6 cents.
01:43But naturally, the risk around a level like that is very, very high.
01:47But we talked about that.
01:48So the price reacted here to the resistance area, couldn't break above it, and we're now in this, back in the support.
01:57Well, we never entered the support zone until now, actually.
02:00So the decline looks a little bit like an internal third wave that could be wave three of C in the blue count.
02:06And we do have an A wave down, we have a B wave up, and then this C wave down is one, two, three, four, five.
02:15So that's how it should unfold if it's still in a bullish scenario.
02:19And we don't want it to break below 20.5 cents.
02:22Normally, a fourth wave would show some reaction to the 38.2 retracement.
02:27Maybe this is going to be the turnaround point.
02:29And also, we have previous swing lows in this area, around 22.5 cents, here from the 15th of July, 17th of July, and the 13th of July.
02:41So for now, it seems like this is a correction in an ABC structure.
02:46The C wave might need to extend a little lower.
02:49But, yeah, 20.5 cents is for me the pivot that helps us distinguish between bullish and bearish momentum.
02:57That's the update on H-bar.
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03:20Thanks so much.
03:20Bye-bye.
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