#Bitcoin 4h chart update! 05/23/19 9:55 pm EST

Bitcoin bounced today since my last journal update, giving us a low of 7426 on bitfinex to work with. If that was the leg C of the triangle it was rather short and not reaching the ideal .618 retrace of previous B leg. We are now at the upper boundary of the triangle AB line and waiting to see what the market will do up here. I can count 5 waves of the 7426 lows and if this is not the beginning of the next leg higher it should morph into a zig zag with another small leg higher before we drop into the final E leg down. For this interpretation to remain valid the 7426 low has to remain intact or something else will develop. If you haven't noticed, this is where the Wave principle becomes very powerful. It allows us to make interpretations and analyze them in real life by giving us "if this" --"then that" scenario. In terms of trading it, you have clear levels that can tell you to take a hike if they get hit. I will continue to favor this triangle count while still in play, while also keeping a secondary count at hand that can help me understand and not panic about what happens next. We are killing time here and while markets are very good at this, it shall pass and the next good tradable move will ensue.