ApeCoin: 3 Hills & a MountainI believe I've identified a potential Three Hills & a Mountain pattern on ApeCoin's hourly and daily charts. At the time of this idea --- and should my projection be correct -- we are beginning the transition to the third hill. The supporting evidence for my idea is the following:
1) Both of the completed hills declined to, or near, their 61.8% Fibonacci levels as is consistent with the Three Hills & a Mountain pattern.
2) While they appear similar, both completed hills are of different magnitudes which separates itself from the Three Drives pattern.
I made a crude projection for the third hill and price target by using downtrend Fibonacci levels (in red) to identify a 61.8% level between the first and second hill. The purpose of this level is to identify a potentially strong support that would ultimately lead to the rally of the Mountain.
It is my understanding that the Mountain rallies at a magnitude equal to the lowest and highest value of the Three Hills which in this case would be $1.292 (indicated in white). Assuming this is correct, a rally of this proportion would bring us to a target price around $2.770.
COINBASE:APEUSD
