Bitcoin (BTC) Mid-Day Update: Lower Low Towards $7,638 Likely to Complete B wave of ABC
Bitcoin (BTC) was not able to decisively breach the upper yellow line of the downward wedge which is currently representing the red B of the ABC of blue D. The yellow wedge pattern is likely to trigger a lower low towards $7,638 or so and that would be a more ideal position to breakout from as it would be much more proximal to the Apex. Blue wave 5 has be started and remains the last subwave of red B.
On a larger picture, not much has changed. Price is still moving well within the contracting lines of the large symmetrical triangle. IF price declines further, it's clear that the lower support line must hold against any decisive breaches.
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