Bitcoin is getting pretty crazy right now. In my previous analysis, I predicted a slow grind up to the $10500 level. But Bitcoin has made explosive moves up towards that level. Price was firmly rejected at the $10486 level (on Coinbase) and RSI has entered the overbought levels.
I have reason to believe that Bitcoin is nearing or already completed (at the $10486 level) 5 Elliott Waves up with the first wave going from $6400ish to $7600ish, the 3rd wave going from $6800ish to $9100ish, and the possible 5th wave going from $8200 to that $10486 level.
If this Elliott Wave count is correct, then we would be entering a bigger wave 2 back down into the $8200-7700ish range for a 0.5-0.618 fib retracement of the entire 5 wave move.
One other indicator that I got was a DeMark Indicator strong sell signal, signaling the end of a sell countdown of 9 on the daily chart. I find DeMark Indicators to usually be a few days early to signaling a buy or a sell setup but in crazy markets like Bitcoin, I find comfort taking profit here.
Besides all of these technical indicators telling me to sell, I have also seen the extremely FOMO bullish sentiment and what usually follows indicators like that is a strong selloff.
Because of all of these things, I have decided to take some profit and sell half of all my Bitcoin. I have buy orders at $8100 just in case price punctures the 0.5 fib retracement at $8210ish.
I will be following Bitcoin price charts very closely to see if this analysis is correct. Views on this analysis are always subject to change.
Here is a link to my previous analysis for context: https://steemit.com/bitcoin/@divingman25/monday-bitcoin-market-update
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