Yesterday I wrote: The chart below allows for a hard fall below $4,600 in the days ahead. If so, expect BITO Feb and/or March puts to be on our menu for an intermediate term drop below $4,000. The parallel channel either holds the decline from $69,000 in November, or, a new leg lower will be triggered." I meant "$46,000" and, "40,000," respectively; not $4,600 and $4,000. Today Bitcoin is trading right along the bottom channel line near $46,000, but (so far) without the requisite momentum to trigger a sell. To simplify, a hard break below $46K (breaks below and stays below) is a Sell, while it will take a breakout above $52K for a Buy. Anything else is just noise.
