From current analysis, it looks like we are in the 5th wave of this rally but not quite done yet. Comparing the previous rally from August to September... the levels of the wave 1 and wave 3 are similar to the current rally. Trying to estimate the end of the 5th wave, I looked for the level reached in the last rally which was just above the 4.76... RSI levels compare nicely to previous rally as well. The ~130 level is also an important level on the weekly and monthly charts as well. I assume we will see a slight pullback on ~100 but if history repeats itself, then we should push through and break it this time.
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Pennant closing, if it breaks up we should be headed to challenge the ATH next.
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Sorry, wrong exchange, but similar pattern on both Kraken and Coinbase
FYI
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Broke out of triangle... not done yet!
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Looks like a pennant flag.. measured move from pole is ~101.. if we break the previous high, new target is ~110! (might not make it to 130 this time!)
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Important levels to watch out for.. assuming we stay bullish :)
Your wave 3 is shorter than both waves 1 and 5, which means it's not wave 3 (can't be the shortest). More likely, we're now topping wave 3, which means wave 4 is on its way and will provide an opportunity to buy for the "final" leg up.
telnemri
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@BogdanDimi, I don't think it will go down much more now before its final leg up. At the hour level you can see a pennant forming which suggests a continuation. Regarding the count, my drawing is a bit messy but to confirm, I went down to the 4H level and checked the difference, and indeed, wave 3 is longer than wave 1 so the count should still be valid.