#Bitcoin 4h chart update! 05/12/19 1:50 pm EST

After reaching highs into 7440 , bitcoin is pulling back and telling us a correction has began near term. As I mentioned in the daily update , "Once the market gets exhausted the most likely scenario is a triangle in a wave 4." If wave circle red 3 top was reached a pullback towards the channel line near the area of previous 4th makes sense. Another move higher in 5th should prove exhaustive and complete the larger wave 3 pattern. So I will go that route for now. If the correction deepens or goes into a complex count , it will give signs that the larger wave 3 pattern has been completed and we are indeed doing the 4th. Trend remains higher with some important levels being broken to the topside. "Be mindful of that and don't take any calls for a correction as a signal to short. This market as long as it remains in this uprend should only be traded from the long side. My 2 cents." 6668 and 6440 are the downside levels to watch.