Bitcoin signaling a pullback is likely | The Gold Forecast

Bitcoin signaling a pullback is likely

March 5, 2021 - 5:20pm

 by Joseph M. Wagner II

Recently we see the likelihood that BTC has already hit its target for our B wave increase. Today we have seen a small recovery in BTC, which currently, as of 4 PM EST, is trading at approximately $49,500, up over 2% for the day. Although this is a welcome bump to the upside for traders taking our call on Monday, we have revised our targets from $52,000 to current pricing of just under $50,000.

The real reason we have changed our target and suggest buyers on Monday to sell at current pricing is the elongated low witnessed today. The low in BTC futures of $46,295 in March contracts (BTC H21) and $46,955 in April contracts (BTC J21) was exaggerated and is giving us a hint that the C wave to the downside is coming and that traders should exit long positions. GBTC, aka the Greyscale Bitcoin Trust, had an even more exaggerated low hit today that stopped us out of our trade for a loss, unfortunately, after missing our stop by $0.03 on Thursday. Traders taking our call on BTC futures made a small profit after selling at the market today.

On our first chart, we show where this C wave may conclude.  

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