#Bitcoin 4h chart update! 05/30/19 4:45 pm EST

Bitcoin did a number on the latest breakout, drew quite a bit of attention then plunged and took the dreams of easy money with it. So are the markets, moving to keep you guessing and threatening your stops. There are several ways to count this latest run up, but now it gets a bit messy . With the drop below 8450 the next area of support comes in at 8190 zone. Here we meet the ascending channel trendline along with some fibs that allows us to count this as a flat correction before the next leg higher. The trend is up and if indeed this is the C wave of an expanded flat , the run back up could be quite powerful. On the other hand the completion of a larger 3rd wave pattern, takes us back to the complex and prolonged mess that a wave 4 implies. The price action over the next few sessions will start to suggest which direction this market is leaning. Will we brush off this latest plunge with buyers stepping in, or will the need to correct deeper become prevalent and certain gains will be taken off the table. We will find out with each level that comes under pressure.