#Bitcoin 4h chart update! 05/22/19 6:55 pm EST

Swift drop as the early asian session begins brings prices down to 7500. Right below at about 7350 we have the ascending channel base trendline along with what could be 'right look" stop for a wave C bottom of the triangle at about .618 retrace of the B leg. I will continue to favor this outcome until we dip below 7200 at which point the risk of taking the lows of the A leg are greatly increasing. Again, this correction is unfolding under totally normal circumstances and the uptrend should resume to complete another 5th leg higher once the correction is over. Trading inside this choppy structure is most likely a very frustrating endeavor so my gut and experience says , continue to wait for this to be over and when you think is over wait a little longer because it won't be over quite yet. Triangles can be tricky that way. If the market rallies above 8100, it will start to flash green signs. But let's see how we respond going forward for the rest of the night .