EuroMotif

BTCUSD retrace watch: Bitcoin to correct and test 3700 ?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
We have completed a vigorour 5 wave impulse, and awaiting the requisite correction.

The first leg down was a typical ABC correction, but it was not deep enough.
The bounce from that ABC did seem to be valid until it faded out at a lower high.
MORE IMPORTANLY, the bounce did NOT show 'impulsive' type behaviour.

The most common ABC correction to a 12345 is for wC to reach the w4 zone.
OR, if a WXYXZ correction that I am imaging, the wZ should test the w4 zone.
The path to get there is hard to say, but I am pretty confident we will test 3700-3800.

Lets see how this plays out.

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Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.

First I saw 3618 and 3303 on CoinBase as important which had been on my charts for over 6 months:

Getting closer, I started to see a bigger picture of a 5 wave impulse that started with the 7400 drop:

As it bounced, 4425 came into focus as the big hurdle:

Zooming back out to the original large 5 wave impulse, targets were in sight again:

Then we had a strong bounce with perfect 12345, which I expected to top at 3800-3900
As the bounce progressed, the first retrace came into sight
Now I think we have completed the impulse up, and need a more serious correction to wave 4 going up
Dec 21
Comment: Here we are, at the first possible bounce point The fact that it meandered above for a while before hitting this point could indicate this is the low, and a simple ABC might be end of correction (but I doubt it).

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Dec 21
Comment: Zone is still holding, maybe wave X is going to go up soon
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Comments

I expect this
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looks like we are en route to the destination of 3700. Every day this reminds me more of that 8500 dollar top we had in the mid summer.
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EuroMotif ThankUKind
@ThankUKind, yeah, I was thinking the same thing - the 8500 top kept coming to mind as well. But at least we have made an impulse up, and if the retrace behaves as expected then we might still keep uptrending....
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