SUMMARY
So, overnight price action for Bitcoin (BTC) has broken out of the blue and the yellow wedge patterns. Thus far, the breakout counts to five waves and currently, a minor correction is taking place. Most of today will likely be consumed in putting in some form of an abc or some other of the 36 possible combinations. Even with this breakout, there is probable scenario of seeing a lower low.
The below chart shows the bull flag potential with price traversing within downward pointing parallel lines. This is labeled as red abcde and almost all waves are near completed. The long term support could be touched once more or temporarily pierced to place the final E wave. Since C did not touch the lower support line, E is likely to do so and this would cause that lower low eventhough price broke out of the yellow and blue wedges. Let's see how the corrective price action plays out today.
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