BITCOIN The current Bitcoin correction is, at least so far, the second biggest largest of 2021. Each of the others, in fact every correction since 2010, has been followed by new highs. In the words of Jesse Livermore: “It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine–that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.” Fibonacci Price Projections The expectation is that $48K will act as support and the launch pad for another test of $60-$65K. Once through that Fib resistance, the next targets come into view: TSLA First quarter 2021 earnings are out after the close on Monday, which makes next week a wild card week. The bullish fundamental news is building up at a feverish pace, laying the groundwork for a $1 trillion market cap by the end of 2021, about $1,000 per share. That's close to a 50% gain from current prices and a much higher return for leveraged calls. Since TSLA has already had a 40% correction this year, it's unlikely to see anything nearly as steep on the downside for the remainder of 2021. Any drop of 20% or so could set up a terrific buying opportunity for Jan 2022 calls. IWM: The Big Picture The price area between 220-210 has contained every dip so far. A break below 220, and certainly below 210 will be a signal to go "all-in-on-index-puts." A decline below 210 then brings 200 into view, a decline below 200 brings 185 into view. It will happen fast and below 180, a steep drop to 160. But let's not get ahead of ourselves. 220 has to fall first. Bitcoin, Again The Hourly Bitcoin ATR Model flips Long above $51,450 this weekend:
