BTC/USD - Do. Not. Panic. BTC does what it does best

11 thg 1, 2021

BTC has done what was expected, correct around 30%. What would be un-expected is for BTC to fall under 30k. A wick would be fine, but any sustain fall would be atypical and put a hold on the bull run for a while.

Therefore pay high attention at the Fib 161.8 / 30k level. We need to find support here to maintain the overall bull trend. If that falls then we're due for a longer correction/consolidation around high 20k / previous ATH levels.

Volatility, hate it or love it. It's here. Just that now it is measured in 10k corrections. I expect BTC to have a relief rally once we break out of the downtrend channel up to 34.5k then retest the 30k level to see if it holds as support, if it does, we are cleared for new highs (most probable scenario). If not, then down we go (seems unlikely considering the high demand for BTC).

I see no reason to think the bull market is over, far from it, we just started, this may be the first 30% correction out of 5 or 6 similar ones that we can expect as we go up for the cycle top.

Nevertheless, today over $2 billion in longs were liquidated. This is a reminder to play safe, buy BTC via spot and DO NOT leverage trade, unless you know what you are doing. All longs that used a leverage over 3x were liquidated today.

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