#Bitcoin 4h chart update! 05/27/19 11:05 am EST

Bitcoin continues to act bid just shy of 9000 with the market smelling more stops above. The weekly candle closed on a strong note, showing a rejection wick of lower prices. We are indeed at the top line of the ascending price channel and a break should accelerate the advance. I am mindful of a wave 4 possible incomplete still on an alternate count, but the nature of the latest advance is quite impulsive and in 5 waves which doesn't hint at a corrective price action. A 5th wave completion it is possible and like i mentioned in the previous journal a break below 8360 would bring that count to the forefront. If you want to stay with the trend you have to respect it and as much as it might feel uncomfortable being long at these levels , the market needs to prove you that it wants to correct before you can turn temporarily bearish on the price. Being long at the "top" seems foolish, but because you don;t know where the top is , paying to find out might be worth it with the right risk control in place. I learned along the years the being long at the "top" pays better then trying to keep shorting the "top".