00:00Hello, hello, and welcome to another update video on HBAR.
00:03Well, the HBAR chart holds really, really well.
00:06It's holding really, really well up there in the support region
00:10that we've been tracking together for the last couple of weeks, really.
00:15So support remains unchanged.
00:19Support is holding.
00:20It is still between 20.5 cents and 25 cents.
00:25And the price is approaching the previous swing low,
00:30which formed here on the 24th, at around 23 cents.
00:35So 23.1 cents to be exact.
00:39So at the moment, it's clear that we are in some kind of a correction.
00:45I mean, that should be pretty clear.
00:47Some kind of a correction is unfolding here at the moment.
00:50However, I don't see any impulsive price action to the downside.
00:57So we are still holding above support,
00:59and the market is actually moving rather sideways on a pretty high level.
01:03You can see that, right?
01:04So it's more like a sideways consolidation on a high level.
01:07Of course, there is some volatility.
01:09But overall, the support area, which we put onto the chart,
01:12yeah, I believe on the 18th of July already, that's still holding.
01:15We've just been testing it a few times now.
01:19And there was an initial response on the 24th of July,
01:24but the response or the rally afterwards did not lead to a substantial breakout.
01:29The area that I highlighted to you here around 28 cents
01:32remains an important resistance area.
01:36What I'm tracking at the moment is,
01:38and that's unchanged from previous updates,
01:42a wave four correction as a flat structure,
01:44A wave, that was a three-wave move down,
01:48a B wave as a three-wave move up,
01:51and a potential five-wave move down in wave C.
01:53I have to say this could be nearly done, this C wave.
01:57So that's one scenario I'm tracking.
01:59That's what we talked about over the last few days.
02:02The price has also reached nearly the 100% extension level.
02:06That's at 23.5 cents.
02:08That's an important and ideal target for a C wave.
02:12So we're nearly there, yeah.
02:14And the market is, well, holding just above that 100% extension.
02:19So if we see any reaction from here,
02:21then I'd be happy because it would indicate that most likely the fourth wave is in,
02:26especially if the rally is impulsive,
02:28and a break above the 27.9 cent level,
02:32this last swing high there from the 31st of July,
02:37that a break above that level could be indeed an early indication
02:40that a low has formed.
02:43So what we would need to see basically is a break above that level in five waves.
02:50That's not happened yet.
02:52Okay.
02:52And it would likely be wave five of circle wave three.
02:55And that next rally could take us, first of all, to 33 cents.
02:59That's the next resistance, yeah.
03:01I'm not talking about the range here.
03:03No, I'm talking about the next levels above the 27th of July high
03:08and above the 17th of July high.
03:12Apologies.
03:13Oh, just noticing.
03:15Is it?
03:16No, that's fine.
03:16So 33.3 cents and then 39 cents are the next resistance levels.
03:23Now, in addition to that, what could be the case,
03:25and that's a newly added scenario that I've added to the chart,
03:29getting inspired here by the Ethereum chart
03:32because Ethereum is showing a very, very similar pattern.
03:36It's this triangle pattern.
03:37A wave, B wave, C wave, D wave, E wave.
03:43Now, in this particular scenario,
03:45the market is simply moving in a sideways consolidation pattern,
03:49like a five-wave move, but as a sideways consolidation.
03:53That's our triangle pattern we're tracking.
03:57And all that would mean is that we are printing
03:59maybe a few more lower highs and higher lows.
04:03It would also mean that we are likely in a fourth wave,
04:06but the fourth wave doesn't unfold as a normal ABC structure,
04:12but more like a triangle pattern.
04:13Also common, especially in a fourth wave,
04:16just not as common as an ABC structure.
04:19Therefore, only marked as alternative.
04:21But if the next rally is clearly corrective,
04:24forms a lower high,
04:25and then we see another corrective pullback,
04:27we're likely dealing with a triangle
04:29and need to be ready for a direct breakout.
04:31For a triangle, it's important to understand
04:34that the invalidation point is the low of the A wave.
04:36That's the level that formed here at 23.1 cents on the 24th of July.
04:42Yeah, that's the update on HBAR.
04:44I hope you liked the update.
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05:36Bye-bye.
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