COTI 1D - Possible Big Move Downwards
Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Coti (COTI), a cryptocurrency altcoin.
In the chart I noted:
1) COTI price recently formed a Double Top and it broke down from the bottom of that trendline. The measured move of the Double Top Formation Pattern is going to bring the price to $0.25, which is a 38-40% price drop.
2) When reviewing the Fibonacci Retracement, that price drop level falls in the 0.618 zone, which is also a major support zone dating back to March 2021. This may be where the price bottoms out and starts to move back up.
3) I took the last three Double Top Formations and saw the price correct significantly. Assuming the price does drop down to the $0.25, that would be a 61% drop from the top of all time high price.
4) The RSI (relative strength index) has also not reached the oversold region yet as it has done in the past three Double Top Formations. I assume we will see the price go lower and completing a double or triple bottom before we see the price moving back up.
5) Interesting, the Volume has picked up over the past few months so there are buyers and sellers for COTI.
6) This idea would become invalidated if we move above the trendline at $0.44 for more than a 1D period.
Stay a bit cautious on this one as history doesn't generally repeat, but surely rhymes.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
In the chart I noted:
1) COTI price recently formed a Double Top and it broke down from the bottom of that trendline. The measured move of the Double Top Formation Pattern is going to bring the price to $0.25, which is a 38-40% price drop.
2) When reviewing the Fibonacci Retracement, that price drop level falls in the 0.618 zone, which is also a major support zone dating back to March 2021. This may be where the price bottoms out and starts to move back up.
3) I took the last three Double Top Formations and saw the price correct significantly. Assuming the price does drop down to the $0.25, that would be a 61% drop from the top of all time high price.
4) The RSI (relative strength index) has also not reached the oversold region yet as it has done in the past three Double Top Formations. I assume we will see the price go lower and completing a double or triple bottom before we see the price moving back up.
5) Interesting, the Volume has picked up over the past few months so there are buyers and sellers for COTI.
6) This idea would become invalidated if we move above the trendline at $0.44 for more than a 1D period.
Stay a bit cautious on this one as history doesn't generally repeat, but surely rhymes.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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