$BTCUSD dipping and showing weakness. Strength at $27k levels.

Indeed it has been a few months since my last analysis on $BTCUSD.

I recall my Nov20/Dec20 bearish sentiments (link to idea below) — whom BITSTAMP:BTCUSD smashed in the face promptly, retracing 23.6% to $14.5k, before rallying to new ATHs ($42k).

And when $BTC rallies, I dare not put a pin on its strength, because it is such a mighty, unpinnable beast.

But alas, even the beast is grounded within days by a certain Janet Yellen, insinuating stricter regulations on crypto.

She may have won the battle, but the war, my fellow fools (if I may address us all correctly), is far from over.

On the 1D charts, $BTC is exhibiting strengths (intense support region between 38.2%~61.8% fib levels) and weaknesses (multiple H&S patterns, short term bear trend).

Exhibiting a midterm trendy Corrective Wave movements, made up of Corrective Waves (A), (B) and (C), we can expect volatility in the coming weeks.

In the near term, price action will be sure to test 38.2% retracement support at $27.4k. A safer bet would be to wait and see by the sidelines.

FOOL’s SUMMARY

Corrective Wave , on the Cycle degree, underway. TP: $18.4k (61.8% fib level). Risk/reward: 40% probability.

Corrective Wave (A), on the Intermediate degree, underway. TP: $27.4k (32.8% fib level). Risk/reward: 65% probability.

Enjoy! 🤓