#Bitcoin 4h chart update! 05/19/19 11:31 am EST

Bitcoin prices pulled back to near the all the time highs of the year putting in doubt for now the outlook of a deeper retracement. This is in line with the view presented in the previous journal update , that of a wave 4 triangle before another push to new highs. The rise from the low seems a bit more impulsive than what i would like to see for a triangle price action , but unless we take out the highs it's very much valid. If the correction is already over , market needs to prove that and get moving, make new highs or else the triangle version will remain as main focus. The price remains contained withing the bullish rising channel and using 6994 low from bitfinex as guide for wave A will continue to monitor the development of the C leg lower as long as the B wave top remains put. Calling wave 4 triangles in real time is a tough task as they tend to develop and last longer then most think, so let's be patient with the price action and continue to search for clues as the lower time frame waves develop. In summary, i continue to favor higher prices and the weekly close should bring additional confirmation.