BTC headed to 59.3k for "Bullish Retrace"? or 57.7k not so bull

May 14

Part of my ongoing analysis, see links below.

We may have bottomed at 57k with a strong bounce.
But we are now retracing and hopefully almost done.
EW theory shows a 5-wave bounce with 3 wave retrace.

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Previous plots that lead us here (click the links):
- 73k Top Call no one expected
- Retrace Roadmap of Support zones
- 52.8k imagined but not believed
- Impulse Redux confirms the targets
- Fine tuned plot calls 56,8k bottom

May 15

Comment

Making progress towards our target:

(shaded area is since this idea was posted)

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Zoom in (m5)

Currently trapped between the proverbial "Rock and a Hard Place".

The red fib at 61,770 (red arrow) is from the wave down from the top:


And the green arrow is for a Genesis fib at 61,256;


The Genesis fib blue) should be much stronger,
but it has been pierced too many times now,
so the TopDown fib (red) can actually compete.

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SUMMARY:
- Bulls are clinging to a strong but tired support.
- Minor ratio of the TopDown fib can fight support.
- Next break of Genesis fib at 61,256 might do it.

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