Long

#Bitcoin 4h chart update! 05/28/19 7:10 pm EST

After a quick visit to 8515 , price has pulled back and remains contained into a choppy, corrective type action between 8830 and 8650. There is no way to know how and when this correction will end, but we are likely to see another push higher to complete the sequence. A pullback into 8360 , even 8280 would seem normal, while a drop below 8150 would definitely have me worried on any further upside on this leg. The possibility that we can turn lower for a larger 4th wave remains but I won't let it scare me just yet until the mentioned levels are taken out. The trend is up and we seem to be getting good bids on any drop lower. A larger 3rd wave can still happen if this ongoing correction is just a wave 2 , following the thrust from the triangle. For that idea to get traction we need to see the market committed above 8900 and show impulsive movements. To summarize, it's a waiting game to see which way it wants to go, we have 2 very small daily candles which can read indecision, or just a pause in trend. That's the market for you and if you have a magical tool that reads the future I would like to see it, so far the wave principle is the closest I have seen to that, so I will continue to use it because it makes sense of things.

cryptcowboy

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cryptcowboy