#Bitcoin 4h chart update! 06/05/19 7:15 am EST
Bitcoin has recovered somewhat overnight and it's giving early signs that the C wave of the triangle might be over. If that is the case either a D wave would follow, or an x wave that continues to develop the C leg further out. A more impulsive drop below 7400 and even below 7000 would suggest the C leg of a flat is unfolding. In either case triangle or flat, the resumption should be towards higher levels in the future. Waiting this out is the name of the game, while more experienced traders can attempt to play the inside legs of these development. A move back above 8800 would indicate the correction is most likely over.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.