BTCUSD retrace watch: Bitcoin pullback zones to watch
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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
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.
.
.
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
Note
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 Note
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 ... Note
Bulls are taking the stairs up it seems .
Note
Finally! looks to be starting an impulse, will be studying it 
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