Perfect pitchfork Fib bounces. What happens when 1.0 is reached?

I want to note something obvious when drawing a pitchfork from the beginning of this descending channel . Now I am no technical expert on Pitchforks but it is obvious that BTC -1.25% has hit the Fibonacci zones on the pitchfork in this chart. 100 % was hit today and rejected. So now my question is: Whats next?

A support on the 78.6 % marked on the chart, or a breakout above or below this major channel? Let's see if the 6th 6.06% of June wave theory holds.

The Ichimoku supports a bounce upwards and there's little short term resistance at the moment. A close below 7420 could mean a failed support on the 4h Kijun, which is of course a bearish sign.

交易進行:

Pitchfork 1.0 breakout. Expecting a support establishing above channel. I have drawn a horizontal pitchfork for this minor swing (7000-7800) and Bitcoin is now moving on the middle line. I'm expecting a support on either side of the middle line's 0.236 = around 7620 and 7750, in this timeframe.

評論:

Very interesting that it touched my middle line again after rejection on my key level. Bears will want this to hold inside the channel and bulls will want a confirmation above it.

KEY LEVEL: 7150-7300

評論:

It now hit the diagonal bottomline of this channel!