It's a good time to take profits or a short position on BTC~
Intermediate wave 5 is at least a month or two away, so until that happens, I anticipate a pullback/corrective wave underway -- especially if BTC moves back under 15k (fib retracement 0.146).
Also to note that Elliot Wave shows BTC is underway on a Primary Wave III uptrend, so a diagonal wave is unlikely -- which indicates that BTC's support level of Intermediate Wave 1's high is very solid at 12.4k.
Sell considerations:
- Bitcoin is overdue a healthy correction
- Markets are uncertain as us elections shenanigans play out
- % of BTC in profit signals a profit-taking selloff is historically warranted
- Hodlers are wary of hodling BTC and looks for outs as govts take tough stance on exchanges
Buy considerations:
- Primary Wave rally is still underway. (Long term)
- Dollar-cost-averaging is awesome (means you will always buy the least when prices are high, and buy the most when prices are low)
- Because you love Bitcoin and what it stands for.
Also to note that Elliot Wave shows BTC is underway on a Primary Wave III uptrend, so a diagonal wave is unlikely -- which indicates that BTC's support level of Intermediate Wave 1's high is very solid at 12.4k.
Sell considerations:
- Bitcoin is overdue a healthy correction
- Markets are uncertain as us elections shenanigans play out
- % of BTC in profit signals a profit-taking selloff is historically warranted
- Hodlers are wary of hodling BTC and looks for outs as govts take tough stance on exchanges
Buy considerations:
- Primary Wave rally is still underway. (Long term)
- Dollar-cost-averaging is awesome (means you will always buy the least when prices are high, and buy the most when prices are low)
- Because you love Bitcoin and what it stands for.
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