#Bitcoin 4h chart update ! 08/05/19 9:10 pm EST

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin has reached important levels at 12,000 , where it will most likely be decided if the bull rally will continue un-sketched, or if we still need to correct in another leg lower. We continue to look at this thru the eyes of a FLAT in a wave 4 or 2 ,with new highs to come ( needs above 13,200 to confirm) , or a further correction in a Y or Z wave that should make new lows towards 8000. A combination of trendline channel top and fib zones give the latter version a lot of weight , so if it is to develop bitcoin needs to get after it and not debate it for much longer. The break of the trendline and the approach of 13000, will increase the bulls confidence rest assured. So let's see if any impulse down develops first and what shape it takes. I expect that we will know fairly soon. Letting the market show you first is a bit easier on your overall health.

I have recorded a New Video today where i talk/explain in detail these counts and their outcomes. Please check it out on you tube under "cryptocowboy" account !
My telegram channel "COWBOY CRYPTO MARKETS" and our crypto room "COWBOY CRYPTO ROOM" discusses more detailed updates and lower time frame charts. If you want to learn more about Elliot wave , it's a good place to get live market info and familiarize yourself with the wave counting process. Just go telegram and search in the search-bar the mentioned names. The traders there have been learning the ropes of this methodology very quickly by being exposed to regular updates and explanations of different wave counts !
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