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Will Kusama (KSM) drop below $200?

crypto crypto trading elliott wave fibonacci finance invest ksm kusama money trading Oct 08, 2021
Kusama to drop below $200 - KSM

Will Kusama drop below $200 before we go on to see all time new highs?

What we should anticipate is a correction!

Let's focus on the information that we have at hand today. Firstly the weekly RSI momentum is still up overall so we should anticipate the overall market to be sideways to up.

However, we've had a nice wave 1 movement to the upside and now we have what looks like the beginnings of a correction. We should anticipate three legs to the downside. We want to pay attention to this and what's likely to occur next.

With applying some price analysis using Fibonacci retracements (if you’re not familiar with this, please see the link below), a typical price retracement would occur within 50%, 62% to 78.2% regions. Currently, the downward action on the chart has not come down to the 50% retracement. Another indicator that confirms the correction has not fully formed yet is that, with using Fibonacci time most wave 2 corrections take about half of the time to correct that the time took to form a wave 1. The Fibonacci time suggests the low should occur after the 9th October 2021. This indicates that we should anticipate side ways to downward movements until then.

To get full details on this be sure to watch our daily YouTube content by Jagir Singh. >>> here’s the video analysis link to this article >>> https://youtu.be/kIvR8ygUNTQ

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