BITCOIN (BTC) Update: Is the TOP in sight? Consider my analysis in this blog

Here is a 3 hour chart of Bitcoin. Prices have put in waves i,ii and iii (red) and I believe wave iv (red) is now being placed. If prices fall below $4,406 which is the top of wave i (red), then the wave iv (red) is invalidated and could mean the top is in. As long as it remains valid, once wave iv is placed, one more push up will be putting in the tippy top point for wave v of (v) of 5 of III....in other words, a serious top is approaching. Can wave (v) (red) extend? YES!, but the key question should be: IS NOW THE TIME TO BE TAKING BUYING ACTION OR PROFIT SELL ACTION? I am doing the latter as I've posted frequently in past blogs.

Here is a daily chart of Bitcoin with the MACD indicator. Notice how the red line on the MACD shows that the current higher highs are being made in a declining MACD. That's a sign of a top and exhaustion on the side of the bulls. Also, the time to be BUYING was in the green circle area. Now is the time to be taking profits and selling into the current declining strength of higher highs. With dry powder from MASSIVE profits gained from Bitcoin and Altcoins, I shall await patiently and without fear or greed for the next green circle area in the MACD. For that will be the time to be taking BUYING actions and I'll excidtedly post blogs so no one can miss such an opportunity. After the ABC (red) correction of wave IV, wave V shall bring a vigorous surge of prices to newer all time highs as shown by the green line. But first, let's prepare for the ABC (red) correction.

I know not exactly when and at what price the top will be and for that reason, my profit sell rung is placed as high as $6,200. I do know that Bitcoin does correct as we all saw in July and another one approaches and when it arrives, a sea of red shall encompass all coins. I've often blogged that when Bitcoin catches a cold, the Altcoins will catch the flu.

The only bet I'm making now is that perhaps Bitcoin Cash (BCH) might become inversely correlated with Bitcoin during this correction. This could be wrong, but I've made a small position to see what happens. Recall the phasic/non-phasic of cycles I had blogged, I'm thinking it probable that BCH becomes non-phasic to BTC cycles.

Another frequent question is: But what will cause Bitcoin to go down so much? What reason? And the only answer I have is that Elliott Wave states the following: A reason or an event shall arrive to justify the forecast and not the reverse; thus TA begets the fundamentals and not the reverse.

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. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.