#Bitcoin 4h chart update! 7/16/19 9:40 pm EST

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin broke below the A wave low of 9760 earlier today invalidating the triangle count. The correction continues as per my previous updates only this time it pushes us to the next available count which that of a flat correction with the latest leg taking the shape of a 5 wave move. The 9200 zone offers a cluster of fib zones that could hold for at least a temporary bottom but we won't be quick for one unless we see an impulse move of the lows in 5 waves for confirmation. Wave C would equal wave A in this scenario. The 138.2% multiple of wave A comes in at 8050 area which would be an ultimate acceptable level for a flat. Fighting this market on the way down just like on the way up is not a smart strategy and depending on your plan the opportunities to join another upside wave will come soon enough, its just the down move needs to complete. Based on the trend channel posted we are still within its boundaries and the wave 4 low might have a tendency to look for that trendline . This correction could always become more complex and morph into a triple combo and like i said before we got the time to do it, we are only in july 16th. Let's see how the next legs unfold and keep an eye on the reaction from the key levels mentioned. Never panic, always be prepared.

Check out the brand NEW VIDEO on you tube under "cryptocowboy" account. Interesting stuff and updated counts explanation. Pls check it out.
I also remind you , Our 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.
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