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.
Thanks for sharing
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Thanks for the read! Keep an eye out for further updates!
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Watching closely with funds on the side!
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Would be a good idea to setup sell ladders. Here are mine: https://steemit.com/bitcoin/@haejin/bitcoin-i-m-taking-my-profits-here-is-my-sell-ladder-and-the-rungs-that-make-it-up
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respect your analysis ty these ladders do help
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thank for the update
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Thanks for the read. Stay tuned for further updates! If you have a crypto you'd like analyzed, please don't hesitate!
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Can't wait for a pullback!
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Me too! Damn, to be able to buy again at $2,000 would be sweet!
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Appreciate your thoughts
Will be waiting
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Please make my analysis only as augment to your DD. Thanks!
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Hello @haejin, another great post above.
You said it: "WHAT A BUYING OPPORTUNITY THE BOTTOM OF WAVE IV WILL BE!"
Do you happen to have a how to open an account with a exchange video.
I want to be able to buy crypto's from my bank account (get all my fiat out and into crypto's) asap.
thanks.
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Try coinbase in the U.S. You can deposit USD from your bank account to coinbase. Takes a few days for the transfer to go through but after it does you can change your USD for ethereum, bitcoin or litecoin. Once you have that you can move them to an exchange, (kraken, gemini, hitBTC) and trade from there, if that's your thing. If you just want to get Bitcoin and hold it you can get in on coinbase and transfer it to a wallet(plenty of wallet info on youtube, just search bitcoin wallet. Good luck and welcome aboard! Good thing you found @haejin, this guy is a CHAMP!
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Nice response!
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Hello, @summertooth
Thanks for taking the time to help me out. Just found @haejin yesterday.. been trying to catch up with his post/video's. So much to learn.
Coinbase no longer has banking/debit option for Canada.. bummer as I wanted to use GDax.com to trade with. I will look at (kraken, gemini, hitBTC) as suggested.
I found www.CanadianBitCoins.com Any opinion on this one?
I need to have bank access to transfer canadian and US funds to purchase crypto's.
I opened a Jaxx Wallet last night
I have been having lots of trouble downloading the App's onto the Ledger NanoS. I do have to upload them onto the nanoS? or do I just upload the App onto my phone ?
Thank you
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Hey man, no problem. I'm in Oregon, USA so I don't know about Canadian rules. I use kraken as my exchange but have not deposited USD directly. I use the method I stated before with coinbase. I know on kraken you have to be verified, which I did. It's just a process of uploading your ID and such, it's all spelled out on their website. Once varified though one needs to do a wire transfer from the bank to kraken. I have not done this but it seems easy enough. I think you have to go to your bank to initiate the transfer. I've heard good things about Jaxx, I use Exodus. I don't have the Nano S yet, but there should be plenty of youtub vids explaining how to set them up and use them. Take it easy my friend.
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My sentiments exactly but I didn't have the technical data to back up my concern:
https://steemit.com/bitcoin/@tytran/bitcoin-nearing-usd4000-is-it-going-up-too-fast
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Great minds think alike!
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Your explaination is great! It makes this old boy know one thing.... That I don't know crap! haha.... Good job. Great Post.
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It wisdom to know what you don't know!
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I took out 50% a few months back thinking something very similar. I will take out some profits once again.
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Please use my blogs on to augment your DD as you are doing! Congrats on profits!
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Congrats! You're a winner of @msg768's daily giveaway #64. To find out more, click HERE.
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I sent you some whaleshares for this!
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Thanks. Don't have a whaleshares wallet yet.
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Oh, sorry. I'll send some BTC. Someone sent me whaleshares once and I started a Bitshares account to store them.
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Will you be shorting? Or way too risky?
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I'll be at cash equal to 1/3 of my holdings. I've checked some sites that offer put/call options on cryptos and don't like them since they are not true options. To pick a price and only get paid if you're right at end of a certain period is a scam. This means, unlike real options, the period in between don't count.
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So you will just be out of the market as long as it's in bear mode?
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Yes, I'll be USD cash waiting patiently for the Wave IV to bottom.
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It can still go higher imo, but a pullback is possible and possible near! :]
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Yes, higher it can go but at this point, the rubber band stretches and stretches and stretches. It's called the greater fool theory.
I've taken much of my Bitcoin profits and have no desire to be the greater fool.
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