#Bitcoin 4h chart update! 06/04/19 3:20 pm EST

Bitcoin is pushing lower here into what seems to be the C wave of a ongoing corrective 4th wave triangle. That count is now at the forefront and we need to hold above 6994 on bitfinex for this to be valid, otherwise the expanded flat count has to take hold. We are now near the .618 retrace of previous B leg so if the price wants to hold here it would be ideal, but if not will be prepared for the move lower. We should follow with a D leg towards 8400 and then the E leg to complete before we resume higher and make new highs. This is the plan for now and we're following this closely. This could also unfold as a running flat but will worry about that if we get within 90% correction of B and bounce. Until then a D wave bounce could become a good tradable move while the levels mentioned hold. 4th waves are tricky but not impossible and in my view the risk capital allocated needs to be extremely manageable.