$BTC If we observe the 2022 bottom, most of the time bottoms form with 1 major impulse candle, like what we have seen.

In terms of retests, we usually don't see the "ideal retest". After BTC broke from 16K to 25K, it retested 19K, aligning with the 0.618.

If we apply the same principle to this impulsive candle up, then any push down is likely to be shallow, with the 73-70K region potentially serving as the local range bottom before pushing through 80K.

Before that, I expect some sort of range to form, accumulating late longs and building liquidity. We may even see another sweep above 79.5K before the final flush into the low 70s, followed by expansion.

You usually don't see an instant retrace of these trend shifting impulsive candles because it defeats the objective. The market needs to build long liquidity first before the final sweep and expansion.

So before we test any of these lower regions, I think we can expect more range based movement to accumulate liquidity.