#Bitcoin 4h chart update! 06/27/19 5:55 pm EST

Bitcoin finally found its top and the drop to 10,400 area its enough to convince me that a sizable correction will follow, either as a large wave 4 if the top was a 3rd wave , or as a wave 2 if the top was a wave 1. No matter what we will be looking for the price of bitcoin to retreat anywhere between 8000 to possibly even 6000 area in case of a wave 2. More indications of a short bias will come if the bounces are being sold into and the advance is limited. 11,760 needs to hold for the downward trend to continue, but 11,400 before that should hold the bulls in check. We are back inside the ascending trend channel , but there is a while to go until middle trendline gets tested. Shorting with well defined strategies and strong key levels of invalidation can bring great profits on this correction, but if you're more conservative and don't wanna go against the large overall trend , waiting for the correction to be over is another way to play it. I will be more neutral for a while until this initial drop sorts itself out and better patterns emerge.
I remind you , Our telegram channel "cowboy crypto markets" discusses more detailed updates and lower time frame charts. If you want to learn more about elliot wave , it's a good place to get live market info and familiarize yourself with the wave counting process.

cryptcowboy

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