Short

Incoming $BTC correction back to $72k-66k

BTC has had an impressive run. I got long right before the last leg higher pre election. BTC overshot my target by $6k, but the idea still remains that the -86k is the important resistance and I think we break back below $86k and then start a correction lower.

Everyone is extremely bullish here. Coinbase is the #1 app in the app store again and while I still believe there's 3-5 days left in this move higher, I think a correction is coming and so it's time to be defensive instead of take more risk.

With alts, I think many will end up below people's entries as I think most people went long alts in the past week or two. I think many alts during this move will correct 40-60%.

Therefore, I'll be exiting all of my BTC and altcoin exposure over the coming days with anticipation that I'll be able to buy back my bags much lower over the coming weeks.

If i'm wrong and I miss another move higher, so be it, but all the signs are there that this move is exhausted.

If I am right, then I think you'll want to have cash to buy this dip because this will be the last large dip before BTC and altcoins explode higher.

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Alright exited everything. Could go higher, but I think the probability favors the downside here.

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Looking like the correction has started. Let's see if we make it all the way down to the target.

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Still don't think it's time to reenter. I think the time to bid will come this week. If we don't get the move by the end of the week, then I'll start scaling back in.

Now you can see why I was cautious and took profits. Many alts are now back to their lows where they started and I still don't think the lows are in yet.

Not sure we'll get down to the lower supports. I think the likely entry will come around $76k. While I don't have the support level drawn on this chart, it's the cluster of price action that hasn't been retested.

However, other possible outcomes are that we only get down to $86k. Or the extreme downside move would be we test the blue trend line at around $71k or lower support at $66k.

Let's see how the week plays out.

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Still not bullish here despite the rally. Bottom coming the week of Jan 27th, and if I had to pick a day, it'd be the 28th.

Bullish from February onwards.

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I think it's more likely that we move up until Jan 27th-28th, then fall into mid-Feb. Could go up to $114-117k, then will fall back down below $90k. Will play through calls.

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Will post when I buy, bc likely we see a dip first. Looking for to hold $267 on any move down, that'll be a trigger long that can take price above $350.

Obviously that means bitcoin would dip first before moving higher. My guess is we likely test $99k one more time, which if it holds, would trigger the long.

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Think it's actually more likely to sweep $94k. Then that sets up one last move higher to $114-116k, then a big move back down to $86k or below.

Still not accumulating alts. This environment is only good to trade. Accumulation for alt season comes in March.

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Alright update now that price action is playing out. Think tomorrow = bottom. We head further down here to $96-99k before a bounce. I do think price is bullish into the beginning of February where we see $112-114k. Then we get the bigger selloff after those targets get hit.

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Also possible to see $93-94k before a bounce. Will be buying some coin calls when we get down there. I'm already in $277.5P for 1/31 that I bought on Friday, but looking to flip long into early Feb

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Sold puts for +500% but still think we see further downside into tomorrow. Then we should see a bounce from Tuesday or Wednesday into next week.

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Okay, maybe that was it short term. Not going to play this directionally, but still think theres a possibility of a move up to 108-$112k if we continue to hold yesterday's low. Coin held that region mentioned above, so think there's possibility of upside to $320-350 from here.

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Stalling at resistance here... so now possibility opens up for the lower targets if it can't get above this level $102.5k

$94-97k. Could see a move down pre-fomc. If we tag those levels, good region to go long to the targets mentioned today.

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Ended up buying COIN $330C for next week this morning.

benjihyam

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benjihyam

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