CURRENCY OF THE INTERNET [$COTI] Weekly TF EWP Crypto AnalysisCOTI continues to follow the bearish roadmap outlined in my previous analysis.
From an Elliott Wave perspective, the cycle began with a five-wave expanding leading diagonal that completed before transitioning into an expanded flat. As anticipated, the correction found support in the macro Golden Zone Long, from which price rallied impulsively into the Golden Zone Short, where the bear trend resumed.
The most important development is not simply the decline itself, but the sequence of technical failures. Price first broke below the bullish channel, signalling that the preceding advance had likely ended. It has now also broken beneath the bearish corrective channel, suggesting the decline is no longer behaving as a simple ABC correction but is instead unfolding as a larger impulsive move.
As long as price remains below the broken channel and key resistance levels, the trend remains decisively bearish. The $0.0062 support is now the last major technical level before the chart opens the door to a much deeper decline, with the $0.002 region emerging as the next significant long-term downside objective.
Only a sustained recovery back above the broken channel would weaken this bearish outlook. Until then, counter-trend rallies should be treated as corrective bounces within an ongoing downtrend.
Not financial advice. Like and follow for more Elliott Wave and macro crypto analysis.
Short
