BTC is in it's correctional wave/retest

3 de fev. de 2021

Lot of calls for a bull run. I wouldn't necessarily disagree with it, but I'm still short long term on BTC. We've gotta follow the fundamentals and patterns of what charts do. From my understanding, an asset's trading price typically retraces back to the point where it broke out or broke down. So with the Elliot Impulse wave down and the typical ABC correction wave, I believe price will be inching towards retracement of 37.5K. There is a chance that it touches or breaks through the new upper trend line (thank you Elon), but we still have a lot to retrace back down and can't imagine BTC going past 41K.

Good luck and trade safely. ANYTHING can happen!