#Bitcoin 4h chart update! 06/03/19 10:55 pm EST

Bitcoin came down during the asian session and briefly broke below the 7878 level confirming my mixed feelings about the strength of the advance. We are resting now on top the secondary sloped ascending channel support and the move from the 9100 so far is in 3 waves with both impulse waves being about equal. My temptation here would be to favor the longs after a 3 wave move , but i need to be confirmed that the 7750 lows are holding and that would mean some sort of impulsive price action of the lows. We have to bring forefront now the possibility of the larger wave 4 unfolding with this latest drop being the C leg , with D and E to follow. Keeping above 7500 would bolster that view. A more impulsive drop towards 7000 would tell me that a 5 wave move from highs is probably unfolding which will definitely put bitcoin on a larger and more time consuming correction pattern . For now I tend to favor a shallower wave 4 being that a triangle or a flat, followed by another push above the 9100 highs to complete the same degree 5th of a larger 3rd , before the bigger 4th wave comes into play. I think at least for now the time for easy trades has passed and it can take a lot of nerve and anxiety trying to navigate the next moves. We tend to make money in good trends and give it all back in choppy corrections. Caution. For a more detailed explanation see my new video on you tube under cryptocowboy account.