The analysis provides a technical outlook on Bitcoin (BTCUSD). The market has shown an impulsive move higher, which seems to confirm the analyst's view that the previous downward movement was a three-wave move. Alternatively, it could be labeled as a five-wave move. The analyst believes the move downward was not an impulse to the downside and labels the waves as A, B, and then counts five waves up, suggesting a target around 121513. The analyst does not provide a strict failure bound, however based on the analysis a reasonable bound is around 113118