Bitcoin Retraces Losses!! What's Next??

24 feb 2021

Bitcoin finally regained some footing after a bearish day yesterday. We spent most of the day in the high 40K handle, after rejecting 45K's. Currently we have reclaimed the 50K's, but are not out of the woods yet. This could be a minor retracement into an overall corrective wave, ie wave B in our corrective ABC wave. If that is the case, we could easily test the low 40K handle again, before another impulse wave. We are still confident BTC is still well undervalued, but technical retracements do happen. If we are in fact not in such a corrective cycle then BTC is likely to range around current levels, feeling out the 50K's before another breakout.