EuroMotif

BTCUSD retrace watch: Bitcoin pullback zones to watch

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC bulls painted a strong impluse wave up, including a strong wave 5.

Now it needs to retrace, probably in a typical ABC fashion.
I see a few important prices/zones worth watching closely.
If the retrace bounces at first zone, then we are correcting only the wave V.
If the retrace goes to the -.618, would be a prefectly acceptable ABC .
If the retrace goes below wave IV, then the uptrend is in danger.

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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 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 4 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
The current chart is to plot the retrace and evaluate strength
Dec 19
Comment: Nice initial bounce from the .618 extension. If that holds and we pass the 0.0 of that fib, then we might be ready for more some up
Dec 19
Comment: The bounce off the -.618 is still holding. But I am not seeing any impulsive type of movement going back up yet. We might still be in the corrective C wave of ABC, watching and measuring ...
Dec 20
Comment: Bulls are taking the stairs up it seems waiting for signs of another impulse up to start but not happening yet.

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Dec 20
Comment: Finally! looks to be starting an impulse, will be studying it
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Comments

Your charts are so clean and nice.
+1 Reply
Thanks for that. Much appreciated.
+1 Reply
EuroMotif RamMasterFlash
@rbenz, ty, hope you find it useful. Now lets see how this plays out. The FED just hiked interest rate as expected, so the Dollar is getting strong. Will be interesting to see how it effects Bitcoin
+2 Reply
0.5-61.8 will end a 5-0 reversal pattern
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Nailed this call as all my other calls. Like and follow if like me you want to make money during this bear run!
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nice chart guy
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@EuroMotif, I have a question. How do you figure out which way a correction is going to go here in terms of depth? Is there an actual written paper that suggests typical corrective wave patterns on the fib scale? As in say something along the lines of "A typical ABC correction shouldn't exceed point 'x' " of said impulsive move? I can easily count my five waves up, and I do fine on wave 2/4 retracements. I am terrible though once we finish the 5th wave, lol.
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EuroMotif Kgear117
@Kgear117, Hi, there are many resources on the net. But my basic method to look for the first leg of retrace, fib it, then look at the .382 and .618 extensions of that fib. If the .618 holds, then it is the most basic ABC retrace. If it does not, then it might starting a 5 wave impulse down to form the A of the bigger ABC coming. And lastly, you can just fib the entire 5 wave move up, and watch the .382-.618 retracement zones that most moves come back to.
+2 Reply
Kgear117 EuroMotif
@EuroMotif, Hey man, I appreciate you taking the time to help me out and clear things up for me. I'm still learning to work through EW, hopefully someday I have as great an understand as you appear to have! Thanks again.
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Excellent +++
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