This post will be the start of my wave-by-wave analysis of BTC and soon will add more coins preferably the large-cap coins.

The retracement at 37K is an acceptable price for wave 2 of the bullish scenario which is between 0. 5-0 .618 of the Fibonacci retracement area. BTC is currently making an impulsive 3rd wave (ongoing) and may reach as high as 41944.89, Current pump is wave 1 of wave 3. The short-term price projection for the internal 5th wave of wave 1 of the 3rd wave is at 42K-43K and may retrace around 38.6K-39.6K. The invalidation of this short-term projection is at 37934.89. Conservative wave 3 completion would be around 50K-52K.

As I have mentioned in my previous post, I am technically bullish unless my technical analysis is invalidated.