ridethepig | BTC Market Commentary 14.01.2021📌 Bitcoin Market Commentary 14.01.2021
It is sellers turn to move, we are hitting the main target for this third wave as widely expected since before the yearly close. The lows are clearly still mobile and the leg lower should now be safe to play.
After much thought, and completely recognising stepping against the train, this should be a decision for experienced speculators only .
When faced with the choice of protecting the retracement swing and continuation towards and impulsive leg (in this case it will be our invalidation at $42,800), is important in the sense that we are at a decision point. Sellers are looking to take advantage of the very contemplative buyers who will be late to react and before they know it we will be $10,000 lower. The pullback is completely healthy, a 5-3-5 typical corrective pattern will mean business as usual (BTFD) later in the year. For now, the main target belongs to $27,600 lows.
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