If you forced me to do an Elliot Wave count I think it might look something like this on the weekly chart. I still don't think we are going to get the crazy 30-40% pullback the bears are calling for right now but maybe we will see a decent retrace when the ABC correction follows the blue wave 5. Does that mean I'm going to sell out? Nope! It just means I might sell a few Satoshi at the top of the blue Wave 3 and buy them back at the bottom of the blue wave 4 and continue to hodl. At this point I'll never be less than 90-95% long BTC but I might play around with 5-10% just for fun. All of this of course is just one person's opinion.
Your mileage may vary.
Your mileage may vary.
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My blue wave 3 target was hit so a took a few Satoshi off the table. (very few)
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My trade setup on a Daily chart. Subject to change of course....
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If the body of this red 4 hour candle engulfs the green body of the previous green 4 candle that would be a good indication that we are ready to peal off a few hundred dollars or more to the downside. If my orange 5 sub-waves are correct, we should see some kind of sub 3 wave move to complete the blue wave 4. Since we don't know where that will be, we can look for the end of the 3 waves (ABC) to get a better clue. If that plays out, that is where I will be buying back the Satoshi I sold at the top of wave 3 no matter where it may end. If it touches close to somewhere along the baby line to the right that would be a good clue too.
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I don't like what I am seeing. I went ahead and bought back my Satoshi for a slight profit. (more Satoshi in my pile) I am back to 100% long. It looks like my Bull Buddies may want to push this up past $13K to the .618 Fib so I'm not going to stand in their way. If we go there, that might be the real top of the blue wave 3. At the end of the day, I'd rather be in the market than out of the market when it comes to Bitcoin.
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FYI - The .618 Fib target is around $13,500 I may try to scalp a little again there too but won't know until we get there......
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I have moved the top of my orange sub-wave 5 and blue wave 3 to the .618 Fib line. I may try another small scalp in this area. I'll let you know if I do and how it goes. It's like trying to snatch raw chicken meat from an alligator! lol
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A daily look at my new count. Wave 5 could be much higher. I have it currently at the old ATH just so I could see it on the chart. Blue Wave 3 down to Blue Wave 4 is where I might try to scalp a bit. If I this plays out in my favor. We'll see. Very small positions no leverage.