A 38.2% retrace would be healthy for the Bitcoin market

3 Eyl 2020

Bitcoin has made an intermediate wave (1) when it hit $12486 on 8/17/20. The $8628 move from the $3858 low on 3/13/20 completed the wave. This is intermediate wave (2). A 38.2% retrace to $9190 would be good for Bitcoin's future moves to the upside beyond 20K and would fill the CME gap at $9600. 161.8% of the $8628 move in wave (3) would take BTC to $23150 if BTC completes wave (2) at $9190. $9190 would be a 26.4% correction from the $12486 high. This is normal in a BTC bull market. There were many corrections from 20-40% in the 2016-17 BTC bull market.