5w3d spotting more than when I wipe

I started to feel slightly more active spotting than the minimal brownish when wiping. The spotting is more watery, but red. I have since put on a light panty liner, and haven't bled through it in 2 hours. But began to worry. My first dr's appt. wasnt scheduled until next week, but on drs recommendation I am currently waiting to do blood work to test my HCG levels. I haven't felt pain, at least not anything I would describe as cramps. Over the past couple weeks I've just felt different sensations, as I also have a larger 7cm ovarian simple cyst (which I am hoping is the true complication here). I've searched the forums for spotting and cysts, but couldn't find anything similar to my situation. I won't know the results for a day or so, just wondering if anyone has had a miscarriage with little to no pain, and watery type bleeding? Or is there still a chance this may be due to placenta or something I can't think of?