#Bitcoin daily chart update! 05/14/19 10:10 pm EST

Today's price action was a bit more contained and while we made a new high the conviction is starting to fade a bit. We have satisfied the criteria for a completed 3rd wave and if the market wants to take a breather it would be the ideal place to do it. A pullback into a 4th is desired , followed by another move higher to complete larger degree 3rd. If instead this move is an extended 5th and the larger move is finished , the wave 4 blue would go on for sometime. One step at the time , tho. Below 7580 my confidence in the pullback will increase and with the trendline near by would be a perfect location to launch a final 5th. If we dip below 6817 it will signal a larger correction is at hand. Other cryptos are starting to make some noise and could continue to support the bullish sentiment. What happens with them if bitcoin starts to pullback , remains to be seen. I remain focused on the long side and look at corrections as opportunities to join the larger trend.