#bitcoin 4h chart update ! 05/14/19 8:55 am EST

Since my last 4h update bitcoin has punched once again to new highs, defying gravity and changing the angle of ascent. I have placed another channel to reflect that. Strong 3rd wave price action has any wave counts on the sidelines for now , but rest assured once this impulse move is complete we will settle or pullback into a wave 4 type correction. We are working high extension levels on this move but market is caught short and it won't stop until it inflicts the most amount of pain and make traders capitulate. I continue to favor the long side , however watch the 7600 and 7450 on the downside approach.