#Bitcoin 4h chart update! 07/08/19 7:15 am EST

Bitcoin continues the sideways correcting games for now and is searching for the definition of this possible wave 4 price action. The drop to 9700 from the highs is clearly in 3 waves and what starts with that is a triangle, a flat or a double zigzag if i remember correctly. If the triangle scenario is unfolding we have the A leg complete and we're doing the B leg now, same is the case for the flat or for the X wave in case of a complex correction. So a drop in price here below 9700 without going towards 13000 first would screw things up quite a bit and would leave many ellioticians scratching their heads myself included. Again typical corrective price action is to shake out many traders and spin the wheels until everyone gets dizzy. I continue to remain cautious, trade extremely light just to feel the market and wait for the patterns to develop, mature and emerge. Bitcoin has had a nice run since 3k zone and you can't blame it for wanting to thread water for a while.

Check my Videos on you tube under "cryptocowboy" account, for a more detailed explanation of where we are in the wave counts.
I remind you , Our telegram channel "cowboy crypto markets" discusses more detailed updates and lower time frame charts. If you want to learn more about elliot wave , it's a good place to get live market info and familiarize yourself with the wave counting process.