#Bitcoin 4h chart update! 05/16/19 8:05 am EST

The overnight high at 8340 is sitting pretty as the market is pulling back towards top side of the rising price channel. The move of the highs is in 3 waves so far indicative of either a flat or a triangle forming for now. A temporary top could be in place with one of the counts calling for another terminal high before a larger top is formed. Below 7630 and this could give us clues of a deeper retracement possible towards 7420 or even 7200 area. The market is acting a little tired but make no mistake a quick dose of buying can fool the bears and have us at new highs in no time. The trend is up. Patience here to see what develops next. 8450 are july 2018 highs.