Having dropped to 3100, bitcoin has most likely finished its large scale Wave IV correction. After retesting the 3200 support level, BTC is now going up, firmly in an upward trend. The 50 and 100 week moving average serve as the upper resistance area, while the old 3200-3500 should be a strong support. BTC may drop from here, at 5500, or continue to go up to 6400, and correct from there. Either way, it would be wise to buy long at the 3200-3500 support area, as it looks quite unlikely that BTC would drop to 3100 again, or anything lower than that.