SUMMARY
Bitcoin (BTC) overnight correction continues to put in the final touches of the second symmetrical triangl fractal. Several have asked if a breakout is potential at the blue wave d instead of waiting for the e completion. Yes, and so it means that not every triangle needs to display the five abcde waves. We've actually shown in prior posts, traingles doing such breakouts at wave d in Cryptos. However, the white arrow scenario is preferrable because it provides closer proximity to the apex and time duration.
Several have also asked if the blue e wave of the smaller fractal could be complete since price did touch the lower blue trend line. Yes! Here is the microwave counts to show that scenario. The blue wave shows the projected direction. Elliott Waves (1) has impulse subwaves and wave (2) could complete a triangle as wave 2. So, wave (3 )could breach the upper blue line.
The logarithmic support line projects a touch point at around $7,622 and if there is to be a reversal, I don't think it's likely before this support line is touched. That's why I don't place the above breakout scenario as primary. Again, this support needs to hold against any decisive breach; though, pokes are desired able as bullish wicks.
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