SUMMARY
Bitcoin (BTC) was shown as potentially putting in an impulse as shown in below chart. It would allow price to breach the upper blue line and initiate a trend reversal. However, if you've been following my posts, this had not been my primary count because a trend reversal so far from the Apex of the blue triangle wasn't ideal.
Besides, the current price formation itself looks like an upward pointing wedge which bodes lower low probabilities. The red abcde waves are all complete except the e. This could lead to a temporary breach of the upper blue line but not a decisive.
From a larger picture perspective, the Waves and Pattern is tending towards the blue e wave being a lower low in the range of $7,600 to $7,250 or so.
The logarithmic chart is little changed. It holds the $7,622 or so as the point where the first longer term trend support line resides. The downward wedge's apex also resides at the support line. It'll be interesting to see how price action plays out overnight, should this longer term support line be touched.
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