#Bitcoin 4h chart update! 05/17/19 6:35 am EST

Bitcoin flushed lower overnight taking a well deserved break from the strong ascent over the last few days. The yellow flags i mentioned before turned red but I will not get extremely excited with the bearish price action and rather consider this for now a larger 4th wave the needs to match a wave 2 correction from feb19 to march 5th. If it's gonna morph into something else so be it, but i am aware of the larger trending channel top trendline which we kissed on the overnight flush. Just for perspective if its going to be a larger wave 4 that matches the dec to feb pullback a .382 retrace would come in at 5876 on the log scale and 6412 on the linear. For now I would go with smaller triangle 4 version and see what happens. However it should be choppy for the next few days. The trend remains up and for those looking to join this pullback, is a gift , which with the correct risk management might pay handsomely later on.