I hadn't noticed this token before $COW , there are too many tokens and I didn't even know about this one. Today, I accidentally discovered that it has made it to the trending search list. Let's take a look at what kind of token this is.
COW is an innovative DeFi project running on the Ethereum mainnet. I won't go into too much detail about the uses of COW; those interested can search for it themselves!
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Speaking through the chart: the W bottom at the 4-hour level has basically completed, as a new high has already been reached. Whether it can create even higher points will depend on whether the second token is strong. If the second token is strong, there is no resistance above COW, and it is not impossible to go straight to the moon.
Similarly, the Fibonacci 1:1 upward position at the 4-hour level has also been completed and has exceeded the 1:1 upward position. The next target position is 1.26-1.35.
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If COW pulls back to the 1:1 position, it is 0.98, and if it undergoes a deeper pullback to the 1.618 position, it is 0.82. If COW is to have a 4-hour level pullback, it is best not to fall below 0.97. It can spike down to 0.97, but the closing price should not be below 0.97. Once the 4-hour level closes below 0.97, we will look down to 0.843-0.749. Then we will start to consolidate and choose a direction.
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A high-position doji has formed on the 2-hour level, which also indicates that COW is about to pull back. The 6-hour level has created a new high, with this K-line showing volume but no price, which is a typical case of volume-price mismatch. Various signs indicate that COW is about to pull back.
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Finally, for those who want to buy the spot, you can refer to the three spot buy points circled in yellow on the chart. If you are optimistic about the future development of DeFi, the marked positions on the chart can guide you to gradually accumulate your spot. Then just relax and sell when the price hits your desired level. No matter what happens in the meantime, don't panic, and definitely don't create conspiracy theories for yourself. Hold your positions and wait patiently for the bloom. Meeting adjourned. I hope my interpretation is helpful to everyone.