Looks like retracement wave 4 has finished around $3.12, and we are now in wave 5. Wave 3 can never be the shortest of waves 1, 3, and 5. But wave 5 is often 0.618 or 1.0 times the length of wave 1 or wave 3.
Today, a bullish announcement that U.S. banks can legally custody crypto for clients was made.
I think this is the catalyst that will cause wave 5 to be almost as big as wave 3.
Also BTC at the time of this writing is 99K+ and nearing the psychological milestone of 100k!
The SUI train has left the station!
Today, a bullish announcement that U.S. banks can legally custody crypto for clients was made.
I think this is the catalyst that will cause wave 5 to be almost as big as wave 3.
Also BTC at the time of this writing is 99K+ and nearing the psychological milestone of 100k!
The SUI train has left the station!
Trade active
UPDATE: If we fail to stay above $3.80, then wave 5 will not be as big as or close to in size of wave 3, and this means, wave 5 will be short...like wave 1, and the break of structure means there will be a massive pullback. Trade with caution.Trade closed: target reached
We hit $4.10 and you can clearly see 5 waves up on a 1 hour chart, with the 5th leg up as the blow-off top...so I believe we most likely will have a small 3 wave retracement to the $3.60 to $3.80 range before attempting the next leg up to $4.20+.Note
So it turned out wave 5 up, was about the same size as wave 1....not bullish enough for the full throttle up to $5.80 for now.Note
This trade is still active, but I can't re-activate this post, so look for my newer one. I think the current pause is simply a small consolodation of a much larger wave 5. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.