bitcoin Elliott wave

May 12, 20191 to 2 to 3 to 4 to 5

May 12, 2019

Comment

Wow!! Amazing profits since my last bitcoin update from 4 months ago. I was amazed by how accurate my last analysis on bitcoin was (Check link below). But I think it’s time to take most of my profits here. I have taken around 75% of profits at $5485 and I have decided to take another 20% now @ $7340. In terms of my positions on ETH which I have entered after the breakout of $112.65, I have taken 50% profits and I am going to leave the remaining positions till $347.

Why am I taking most of my profits here? Reasons are simple – it’s the 78.6% retracement from the high on 24 Jul 2018 overlapped with the 61.8% retracement from the high on 5 May 2018. In addition, I tend to take profits when there is a parabolic move, after a period of bullish move. I believe most of the retail traders who have missed all the buying opportunities are starting to accumulate their bitcoins after the parabolic move in the past couple of days. And those who have been shorting are now turning bullish after the breakout of 6k. In short, I love to do the opposite of what the retail traders do. People often lose money when they become greedy. I am happy with the profits I made.