$COIN is also having a difficult day and it is quite vulnerable to PCE and economic data, along with the rest of the crypto sector.
The price has now dropped below the 50 Day MA and we should not be surprised to see a large drop to Wave C over the next few weeks to follow our chart.
The impulse wave to Wave 5 is quite clear and we always expect an ABC correction to follow and its usually down to at least the 0.5 Fib or lower.
The 200 Day MA sitting on the 0.5 Fib right now is telling too.
Irina
2024-05-31 16:42:15 +0000 UTC