BITCOIN: WEEKLY 10.01.2021

The last two days action and the candle patterns support the idea that BTC topped at 41616 on January 8. However, the composition of waves and the technical indicator hint that this top was likely the top of wave III and I would consider the Green count on the charts as my primary count until it is invalidated.
If my counts, Fibonacci levels and channels are correct, I am expecting the following immediate and longer term targets for Bitcoin:
1. 29200 is the support for wave IV. This is the level of wave 4 of a lesser degree.
2. 27300-32800, retrace of 0.236-0.382 of the length of wave III. If this is wave IV, it is likely to complete within these boundaries.
3. Based on the channel boundaries, wave IV could take up to six or even more months to fully develop. The current wave down would only be the first wave of a much longer correction.
4. Based on alternation guidelines for corrective waves, wave IV could start with a sharp decline and take a shape of a zigzag or a triangle.
5. If this corrective wave breaks below 13764, it would invalidate the green count and I will switch to the red one as primary.

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