Update on Bitcoin: Jan 22, 2021

BTC has reached our next downside target – the 1.618 Fibonacci extension at 29,280. As we discussed in our last update [see: Jan 12 BTC Update]:

As we noted [in our Jan 7 update] 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… It would first have to drop back through the pink channel top, currently at 31,333.

It remains to be seen whether yesterday’s 30,261 lows were close enough to the blue 1.618 extension at 29,890 to count. I think there’s a better than average chance it’s not done yet.

It wasn’t. BTC bounced sharply for 3 days before coming back to tag the 1.618 extension. It has since rebounded to the pink channel top. Now the fun part starts.

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