SUMMARY
Given Bitcoin's price progression thus far, It looks as if wave 5 of c of blue e wave has started. This means the $7,500 to $7,200 zone are the next potential stops. As stated in the mid-day update, there could be a spike down below the blue support line (blue circle) as it had in the prior wedge pattern (white circle).
The fractal wedge paterns are still holding to formation. The MACD of this 4 hour chart itself is also moving within a contracting set of boundaries. Is a crash scenario more likely or a breakout? I believe the latter; once the pattern is complete.
Here is the logarithmic chart showing the support fan lines. The top line is pretty similar to bottom triangle line of the larger degree of trend. Price is pretty much sitting on the top white line and this needs to hold as support. IF it is decisively breached, then the second line of support is projecting $3,800 to $4,200 or regions.
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