Quick note:  BTC backtested the top of the broken pink channel as detailed in our Jan 7 post [see: Jan 7 Update on BTC.]

continued for members…As we noted after it reached the 40,138-40,180 target range:

If it can’t hold 40,180, then we could look for a backtest of the 1.618 around 30,000 or even the 1.272 at 24,165, ideally in late Sep 2021. It would first have to drop back through the pink channel top, currently at 31,333.

That’s exactly what happened. The remains to be seen whether yesterday’s 30,261 lows were close enough to the blue 1.618 extension at 29,890 to count.  So far, we’ve seen a lower high and higher low than yesterday, with the upside limited to the SMA10.

I think there’s a better than average chance it’s not done yet.