Perfect pitchfork Fib bounces. What happens when 1.0 is reached?
Updated
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.
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.
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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.Note
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
Note
It now hit the diagonal bottomline of this channel!
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