#Bitcoin 4h chart update! 05/20/19 7:45 am EST

Bitcoin had another attempt at the highs overnight but the lack of continuation is somewhat concerning for those that were thinking the correction was over. We are falling back inside the channel in a corrective manner and the triangle concept seems to be back in focus. Another run at the highs could prove fatal for the bears since I can count a 3 wave drop so far from 8265 to 7755, but if the latest run was indeed a B wave top we should expect lower prices into a C and that needs to gain traction sooner rather then later. The weekly close is the strongest close in the last 6 weeks and that should be a signal that this market , while extended , is fully controlled by the bulls. This week's price action should bring further clues and I would continue to also monitor daily closes for additional tips. A drop below 7000 will negate the triangle and switch focus to a deeper correction towards 6500. Attempting to trade the correction legs is a risky endeavor and more for experienced traders, my focus would be on reading the price action and waiting for this to be over before putting any money at risk.