I've consistently eluded about an approaching wave III top for bitcoin and it's now blaring a warning sign as the waves have futher developed!
Let's start from wave 3 after which a very nice looking abc (red) correction completed. Then the rally that we are currently on started and the waves i,ii,iii and iv are complete and wave v is nearly complete! This is a HUGE warning sign that a trend reversal is imminent.
I have no idea exactly at what price the turn will happen and no one does...but I know this: GET OUT NOW! Even if price goes to $3,900 or $4,300, I DON'T CARE! Safety is paramount for now! Bitcoin is the moon that raises and lowers the tides.
Here is my longer term count showing why Wave III is a key point of reversal for Wave IV to happen:
Once Wave III is done, then we head down towards the prior wave iv and that's around the c part of prior abc correction....so yes, potential for sub $2,000 again. Hate me if you don't like this analysis but I call it as I see it and that's how roll and how I manage my cryptos.
Here is the positive side: WHAT A BUYING OPPORTUNITY THE BOTTOM OF WAVE IV WILL BE!!! So, raise cash now by taking profits!
What does this mean for Altcoins? Some could keep going up, but I'm taking 1/3 of all positions to sell to raise cash! When Bitcoin catches a cold, the altcoins will catch the flu!
The old Wall Street adage: "It's better to be out of the market wishing you were in it than in the market wishing you were out of it" How true this will be for Bitcoin until Wave IV correction is done!
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish.