Looks like COINBASE:BTCUSD is nearing the completion of wave (1). Typically the structure will correct to fib 38.1% of the entire wave making a termination around wave 4, however it is not uncommon for the retrace to correct up to 100% of wave (1).
Each green box is a potential buying area and are great places to add to your BTC holdings on the way down. This analysis is not saying BTC will correct 'supa dupa' low (its very bullish), but the correction of the first wave is usually the strongest.
You will notice the December low is not labeled as a Wave 1 and 2, but instead a truncated 5th wave of wave (C). Could it be a wave 1 and 2, sure and I have another count for this, but I think we need to wait until a bigger correction is formed further up to confirm.
As this final wave 5 of wave (1) unfolds I will provide further updates.
A way to automate a long position in case of a pump or bull run, applicable for this markets and others:
BitcoinBearSlayer
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Nice work and very possible. I think the retrace, however, will be shallow and only take us down to around the multi-year trendline. 7400ish and then take off North again.
BitcoinBearSlayer
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@Kwa, that is of course if we stop at 10K. We may spike up to $11,600 area before correcting in which case the retrace will be deeper but the target area on the downside will remain the same IMO.