Update on Bitcoin: Jan 19, 2022

In our last update on BTC [see: Dec 5 Update] we noted that BTC had briefly dipped below our 46,000 target and was due for a backtest.

I would expect a bounce up to backtest at least the black dashed line (51,766ish) or even the cloud bottom (54,850.) If those (now) resistance levels hold, then the next targets remain to the downside…

As it turned out, BTC’s bounce took it to 51,991, whereupon it obliged us with a backtest of the black line and began sliding to new lows. It is now off over 40% since our short call on Nov 8 [see: Out of Sync.]

While bitcoin bulls are as buoyant as ever, our charts now suggest even more downside than before.

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