Bitcoin has evolved into another risk-on/risk-off asset, much like Nasdaq and in fact, has been trading as a Nasdaq-like index over the past few months. Today BTC is down close to $2K, almost 3%, and is about to break its Wave 4 parallel trend channel support: BTC Wave 4 is giving way to the beginning of a new leg down in a Wave 5 targeting a break below $40K in the weeks ahead. IBIT We are long the IBIT Jun $36P in the Premium Service and any break below $39.00 would be a shorter-term trigger to add IBIT puts in this PRO Service. IBIT Apr $40P A drop to the Mid-$30's in IBIT would result in a minimum of triple-digit gains for the Apr $40P, risking 50% on the trade.
