BTCUSD seems to be in a pullback phase of its second setup bull leg. The first bullish impulse leg got retraced around 85%, same retracement level applied to the current bullish leg lands us around $3200. Judging from the previous behaviour of this pair, if its historical dynamics are repeated, the ultimate demand area can be expected around $3500-$4500. If the current support around $5750 breaks and bears feel like they have full control, an orchestration of a "bear trap" and heavy accumulation is highly likely to take place and this will in turn provide the required momentum for the third bullish impulse leg into the new highs.
